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Cooperative Group Moves Away From Bank

Thursday, September 21, 2017

The Cooperative Group sold its remaining stake in the Coop bank today, removing itself completely from the business. The Cooperative Groups stake in the bank has been cut down dramatically in the past month from 20% to nothing as part of a restructure of the business. Underlying profit at the bank has fallen by half from last year as the US hedge fund that bought a majority stake in the bank tries to turn it around by 2020. Sales at Coop food increased by 3.5%, with convenience stores doing well in particular, rumours persist of a potential buyout of food stores owned by Nisa with the proceeds.

More news from sourcingfocus: UK Retail Growth Continues Long Upward Trend

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