£2.5bn Co-op loss in ‘disastrous’ year

THE Co-operative Group has confirmed a £2.5bn annual loss after its "worst year" in a 150-year history.

The mutual, which has interests in banking, food, pharmacies and funerals, has been rocked by the failed takeover of 600 Lloyds branches, massive banking losses, senior resignations and a scandal involving a former executive.

It said it had been hit by "significant" losses at the Co-op Bank, the writing-off of much of the group's stake in the bank, an impairment associated with its 2009 acquisition of the ... For the full story register now for free or login below...