Co-operative Group

Troubled Co-op Group can take many years to stabilise

Troubled Co-op Group can take many years to stabilise

Beleaguered Co-op Group's members recently unanimously endorsed Paul Myners' proposed reforms, but the group's interim chief executive Richard Pennycook has warned that that it could take as many as five years to stabilise the mutual.

Co-op Group members all set to vote on major overhaul plan

Co-op Group members all set to vote on major overhaul plan

Representatives of the Co-op Group are all set to vote on a proposed major overhaul of the 150-year-old organization that will decide its future.

While former City Minister Lord Myners has proposed a major overhaul of the group, saying it is necessary to keep the group afloat; traditionalists within the group may oppose the proposal as are reportedly still denying problems.

Co-op must implement sweeping reforms or it will fail again: review report

A nine-month review the Co-op Group and Co-op Bank by former Treasury mandarin Sir Christopher Kelly exposed a number of leadership and management shortcomings that left the huge business struggling for survival.

Co-op reports huge loss of £2.5 billion for 2013

Co-operative Group's interim CEO Richard Pennycook has admitted that 2013 was a 'disastrous' year for the customer-owned group, which has sprawled to include food, medicine, supermarkets, funerals and banking.

Co-op expected to report loss of up to £2.5 billion

Following a series of "catastrophically inept decisions," Britain's Co-operative Group is now expected to report a loss of more than £2 billion on Thursday.

A source, familiar with the matter, said that the 170-year-old Co-operative group will report a loss of around £2.5 billion ($4.2 billion) for 2013. The group's activities range from supermarkets all the way to funeral services.

Co-op crisis Deepens as it Faces Massive Annual Losses

This week the Co-operative Group is going to report huge annual losses which would amount to almost £2.5 billion because of a massive mayhem in the banking division.

The group which runs pharmacies, supermarkets as well as funeral homes will be to writing off several hundred million which is linked to the 2008 takeover of £1.57 billion which it invested in the Somerfield stores.