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UK's Co-Op announces £2.5bn loss
17 Apr 2014 10:10
Britain’s Co-operative Group has announced annual losses of £2.5 billion after suffering the worst crisis in its history following the near-collapse of its banking arm.
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Interim chief executive Richard Pennycook said: "2013 was a disastrous year for the Co-operative Group, the worst in our 150-year history.
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"Today's results demonstrate that but they also highlight fundamental failings in management and governance at the group over many years.
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"These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are."
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