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Co-op Group to 'sell farms ahead of £2bn loss' Co-op Group to 'sell farms ahead of £2bn loss'
(about 1 hour later)
The Co-operative Group is set to sell-off its farming assets as it braces for a £2 billion loss for 2013, according to reports. The Co-op is to sell its farming assets and will consider the future of its pharmacy business as part of plans to revive the troubled mutual.
The BBC's Robert Peston says the struggling group will announce the sale of its 15 farms this weekend and is actively considering the sale of its 750 pharmacies. The group, which is reportedly set to announce losses of £2 billion in results for 2013 due next month, has started the process of selling the agriculture business, which features 15 farms and three packing sites.
The sell-offs come as the Co-op prepares for its annual report next month, which is expected to reveal losses of over £2 billion last year, according to Peston. It also confirmed that it is exploring options on the pharmacy business, including the sale of all or part of the operation. The division is one of the UK's three largest pharmacy chains, with 750 branches and 6,500 staff.
Chief executive Euan Sutherland has already admitted that last year was the worst in the group's 150-year history. The firm's banking branch last year discovered a massive capital blackhole, which led to its near collapse, control being handed to hedge funds and the drug allegations against the bank’s former chairman Paul Flowers.Chief executive Euan Sutherland has already admitted that last year was the worst in the group's 150-year history. The firm's banking branch last year discovered a massive capital blackhole, which led to its near collapse, control being handed to hedge funds and the drug allegations against the bank’s former chairman Paul Flowers.
Earlier this month the Co-operative launched a massive online survey asking people how the business should be run in future, in a bid to regain consumer's trust and get its business back on track.Earlier this month the Co-operative launched a massive online survey asking people how the business should be run in future, in a bid to regain consumer's trust and get its business back on track.
The survey included questions as to whether the Co-op should continue to make donations of up to £1 million a year to Labour and individual politicians.The survey included questions as to whether the Co-op should continue to make donations of up to £1 million a year to Labour and individual politicians.
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