Co-operative Group promises return to form after torrid time September 4, 2014 The Co-operative Group yesterday said it was poised to get the battered mutual back on track after returning to profit this year. The retail-to-funeral care provider said income for the six months ending 5 July was £116m, compared to a £1bn loss during the same period last year. The 150-year-old business also announced [...]
Co-operative Group is back in profit as it confirms Richard Pennycook as chief executive September 4, 2014 The troubled Co-operative Group has made interim chief executive Richard Pennycook will take on the role full-time. Pennycook was promoted from his position of chief financial officer in March after the surprise resignation of Euan Sutherland. His appointment is likely to give the group's investors – including the hedge fund owners of its banking arm [...]
Co-operative Group sells cash security arm Sunwin for £41.5m September 2, 2014 Alright, for a corporate deal it is hardly a princely sum – but the Co-operative Group has taken another step along the road to filling its £1.5bn capital hole by selling its Sunwin Services Group to Cardtronics for £41.5m The company, which transports and provides security for cash and has 1,500 workers and 14 regional [...]
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 [...]
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 [...]
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 [...]
Pym to leave Co-op Bank to chair AIB July 14, 2014 The chairman of the Co-op Bank, Richard Pym, has announced he will stand down later this year to take up a similar role at Allied Irish Banks (AIB). Pym had already told the Co-op he was leaving and the lender is seeking his replacement. He will become a non-executive director and chairman-designate at AIB from [...]
Endgame approaches as bidders fight for Co-op pharmacy chain June 30, 2014 The sale of Co-op’s chemist business may be nearing its conclusion as several big bidders compete to be chosen as the winner of the long-running disposal. The Co-op group, which is also selling its farms business, is selling its chemist chain, including over 700 pharmacies employing around 6,500 staff. An outcome is likely in a [...]