The Co-Operative Group is back on track as it unveils profit growth and flat group revenues April 7, 2016 The Co-Operative Group has said it is "firmly on track" as it unveils like-for-like growth in its food, convenience and funerals businesses and a rise in underlying profit. The figures The struggling business heralded "stable" group revenues at £9.3bn (though this was down from £9.4bn last year), with food like-for-likes up 1.6 per cent, and volumes up five [...]
Co-Operative Group chief executive Richard Pennycook asks board for salary and pay cut April 6, 2016 Update: This has now been confirmed by the group – all the details are here. Co-Operative Group's chief executive has asked his fellow board members for a pay cut. Richard Pennycook is understood to have requested his basic salary, currently £1.25m, be reduced by a third. He has also asked for his total compensation to be [...]
Co-operative Bank’s annual loss more than doubles to £610m in 2015 as conduct charges add up April 1, 2016 The Co-operative Bank's losses more than doubled in 2015 as the company dealt with conduct charges. The results have been released as the bank searches for its fourth chief executive since 2011. The figures The bank has reported pre-tax losses of £610.6m for last year, down from a loss of £264.2m in 2014. Read more: Co-op [...]
Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Budget 2016: George Osborne’s speech in full March 16, 2016 George Osborne has just revealed the Budget for 2016. There was good news for businesses with corporation tax being sliced and business rates being reformed – but bad news for smokers and students who hate maths. Mr Deputy Speaker, Today I report on an economy set to grow faster than any other major advanced economy in [...]
Budget 2016: Chancellor to introduce surprise sugar tax on soft drinks in two years’ time March 16, 2016 George Osborne has announced the government will introduce a surprise new levy on the sugar drinks industry that will come into effect in two years' time. A sugar tax was widely considered to not be making an appearance in the Budget, with other strategies thought to take precedence in the government's fight against childhood obesity. Citing [...]
The Co-operative commits £75m to slashing prices in supermarket battle March 2, 2016 The Co-operative Group is ploughing a further £75m into cutting prices of every day products in its latest bid to get ahead in the supermarket price war. The mutual, which has over 2,800 food stores across the UK, said it will slash the cost of over 200 of its own-brand British sourced meat and poultry products, with [...]
London house prices: Single Chinese investor buys entire £15m Waterloo scheme February 9, 2016 Proof, if proof were needed, that London is still hugely attractive for overseas investors – but increasingly unaffordable to the people who actually live in the capital: a single Chinese investor has bought out an entire development in Waterloo for £15m. Dover House, which recently completed construction, is made up of nine luxury apartments and retail space. [...]
Supermarkets Co-op and Asda forced to recall camembert after listeria fears February 9, 2016 Two of the UK's biggest supermarkets have been forced to issue a recall notice, over fears a brand of cheese could have listeria monocytogenes present – which can harm pregnant women and their unborn babies. The Co-operative has warned shoppers to return any of its own brand Truly Irresistible Camembert "as a precautionary measure", the [...]
How Tyrrells aims to be the big cheese (and onion) of the crisp world January 28, 2016 Six years ago, David Milner received a phone call from private equity firm Langholm Partners, the former owners of Tyrrells Crisps. They needed help. After an eight-year growth spurt, sales at the posh crisp brand had turned rather stale and Langholm wanted the former Mars and Campbell’s Soup executive on board. “The first thing I [...]