Co-operative Bank warns on regulatory action from FRC and PRA June 23, 2015 The Co-operative Bank warned today that UK regulators are likely to "make findings against" following an 18-month investigation. Read more: Co-op Bank says it is on track to meet Bank of England targets The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have indicated they are likely to "commence formal settlement discussions" in [...]
MRSA superbug found in pork sold by Sainsbury’s, Tesco, Asda and Co-operative June 18, 2015 Pork sold by four major UK supermarkets has tested positive for MRSA CC398 – a variant of the superbug, which can cause skin disorders and serious infections in humans. Products from Sainsbury's, Tesco, the Co-operative and Asda all tested positive for the bacteria during an investigation carried out by The Guardian. Read more: Sainsbury's, [...]
Co-operative Group to spend £125m slashing the price of fruit and veg in its supermarkets – including introducing the 39p cucumber June 17, 2015 The Co-operative has just drawn its battle line in the supermarket price wars, after it announced plans to spend £125m slashing prices. Read more: Aldi Shmaldi – How Bargain Booze is playing German discounter at its own game Its weapon of choice? The humble cucumber, the price of which will be slashed to just 39p, [...]
Co-op Bank says it is on track to meet Bank of England targets May 20, 2015 The Co-operative Bank said in a first-quarter trading statement yesterday that its turnaround plan is on track. The bank is undergoing changes to de-risk its balance sheet and meet revised deleveraging targets as set by regulators after the Bank of England stress tests last year. The bank completed a £1.5bn residential mortgage securitisation earlier this [...]
Co-op returns to winning ways after dark days April 9, 2015 THE Co-operative Group yesterday announced a return to profit – a reversal of fortunes on the previous year’s losses of £255m. The supermarkets-to-funerals operator that almost collapsed in 2013 reported pre-tax profit of £124m for the year to 3 January, against a loss of £255m a year earlier, on revenue of £9.4bn, helped by disposals. [...]
Co-operative Group returns to profit amid turnaround plan April 9, 2015 The Co-operative Group has returned to profit – a reversal of fortunes on the previous year's losses of £255m. The figures Full-year profit before member payments – the equivalent of pre-tax profits for a PLC – came in at £124m in 2014. Revenues slipped slightly, down three per cent at £9.4bn for the year to [...]
Co-op Travel changes name to Clarity as new owners cut ties March 16, 2015 Co-operative Travel Management moved to cut the final ties with its former owner yesterday after relaunching as Clarity Travel Management. The corporate travel agent was run as a joint venture between the troubled mutual and Thomas Cook before the pair sold it to the Saudi-based Al Tayyar Group last year. The sale formed part of [...]
Allan Leighton confirmed as Co-op chairman February 19, 2015 ALLAN Leighton has no qualms about taking the toughest jobs in business. The self-style pluralist has experienced several, including Leeds United (where he organised a rescue takeover) and Asda (which he turned around after near-bankruptcy) to name a couple. The boardroom veteran added another to his list yesterday after the Co-operative Group confirmed the appointment [...]
Co-operative Group appoints former Asda man Allan Leighton as chairman February 19, 2015 The Co-operative Group has brought in former Asda chief executive Allan Leighton to chair its board. Leighton will take over with immediate effect from Ursula Lidbetter, who was parachuted into the role at the end of 2013 after then-chairman Len Wardle stepped down. It's another string for Leighton to add to his bow: as well as [...]
Co-op Bank gets set to reject even more businesses – but is its ethical policy viable? January 20, 2015 How seriously do we take this? Pretty seriously.” So says the stern man getting “ethics and values” tattooed on his back in the Co-op Bank’s cinema ad boasting about its ethical policies. Even more serious than a tattoo – which was not actually tattooed on to the actor, by the way – is the fact [...]