Co-op Group Reports Loss

Co-op Group Reports Loss.

The Co-op Group has announced its worse results in the company’s 105-year history, the loss for 2013 totalled £2.5bn.

Most of the losses were said to be linked to the Co-op Bank which alone saw a loss of £2.1bn. The chief executive of Co-op Richard Pennycook said 2013 was a “disastrous” year for Co-op.

The bank has seen some problems over 2013, including handing over 70% of the banks shares to bond holders which resulted in a charge of £625m.

The Co-op group will be refocusing its strategies on its food division, where the company has seen that section working very well. As part of its new strategy it plans to open a further 100 new convenience stores.

The banking side of Co-op was predicted to have a loss and most experts were expecting it. Even when Co-op reported on its half year results, they had seen a pre-tax loss of £709m.