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17/04/2014
Co-Op Group Announce £2.5bn Loss
Marking the worst results in its 150-year history, the Co-op Group has filed losses of £2.5bn for 2013.
The Group said that £2.1bn of losses came from the Co-operative Bank, including a trading loss of £1.44bn for the year to December 2013.
The losses have been described as "disastrous" by chief executive Richard Pennycook.
"These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are.
"The scale of this disaster will rightly shock our members, our customers and our colleagues," Mr Pennycook said.
(MH/JP)
The Group said that £2.1bn of losses came from the Co-operative Bank, including a trading loss of £1.44bn for the year to December 2013.
The losses have been described as "disastrous" by chief executive Richard Pennycook.
"These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are.
"The scale of this disaster will rightly shock our members, our customers and our colleagues," Mr Pennycook said.
(MH/JP)
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