Tesco loses market share as more than half of Brits now shop at Aldi and Lidl August 27, 2014 Tesco's rival Asda has eaten away at its market share, while more than half of Brits now shop at budget grocers Aldi and Lidl, according to Kantar Worldpanel figures. The data released this morning shows over the 12 weeks to 17 August, grocery price inflation has fallen for the 11th consecutive period and is [...]
Troubled Co-op Bank slashes pre-tax losses in the first half August 22, 2014 Are the Co-operative Bank's troubles finally over? After a dire 2013, the bank announced this morning it had cut pre-tax losses to £75.8m in the six months to the end of June. That's less than a tenth of last year's £844.6m. Last summer, the bank went into a period of crisis after it uncovered [...]
George Osborne accused of obstructing MPs over Co-op and Lloyds Bank deal August 20, 2014 George Osborne was accused of unreasonably withholding information on ministers’ meetings with Lloyds and Co-op bankers in a series of confrontational letters published yesterday. He was accused of obstructing MPs trying to work out whether the government pressured bank executives into their ill-fated deal. The chancellor claims ongoing probes prevent him from telling the Treasury [...]
Co-op shelves plans for online grocery service August 8, 2014 THE CO-OPERATIVE Group has shelved plans to join its rivals and launch an online grocery service just months after unveiling a plan to turn around its embattled food business. The mutual began trialling click-and-collect service – where customers can pick up groceries ordered online – at a store in Stockport in November, but has now [...]
Troubled Co-operative Group to shed board members in governance restructure August 8, 2014 The Co-operative Group has announced proposals to reform its governance structure, so that it is “qualified to lead an organisation” of its size. The proposals follow a consultation period with the group's members, and one of the key changes will be a reduction in the number of people on the group's board from 18 [...]
Co-operative Group sells off farming arm to Wellcome Trust for £249m August 4, 2014 The Co-operative Group continued offloading its non-core assets yesterday with the sale of nearly 16,000 hectares of British farmland, 15 farms and over 100 residential properties to health charity the Wellcome Trust for £249m. The sale comes just three weeks after The Co-op sold its 774-chain pharmacy business for £620m, as the group looks to [...]
How Aldi is about to overtake Waitrose and become the sixth largest supermarket in Britain July 29, 2014 Aldi and Lidl continue to win in the battle of the supermarkets as their market share surged and sales were up, leaving the big four- Tesco, Asda, Sinasbury's and Morrisons- trailing behind when it comes to growth. Aldi’s stellar performance places it almost level with Waitrose as the big four continue to feel the pressure [...]
How Aldi is about to overtake Waitrose and become the sixth largest supermarket in Britain July 29, 2014 Aldi and Lidl continue to win in the battle of the supermarkets as their market share surged and sale rise, leaving the big four- Tesco, Asda, Sinasbury's and Morrisons- trailing behind. Aldi’s stellar performance places it almost level with Waitrose as the big four continue to feel the pressure from discounters. The latest figures from [...]
Bottom Line: Big banks could steal challengers’ thunder July 23, 2014 EVERYONE hates big banks, right? Wrong. Britons love to complain about their banks, but if you look at actions instead of words, very few of them have done anything about it. It is not difficult for customers to vote with their feet, particularly with the seven-day switching scheme. Those who are unhappy with the service [...]
Co-op Group offloads pharmacy business to Bestway for £620m July 18, 2014 The Co-operative Group has agreed to sell its pharmacy business to privately owned Bestway for £620m, using the funds to slash its huge debt and invest in its core business across its consumer and retail divisions. The UK's biggest mutually owned company has reacted to its biggest-ever loss, amounting to £2.5bn for 2013, by making [...]