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Co-op Group announces £2.5bn losses for year Co-op Group announces £2.5bn losses for year
(35 minutes later)
The Co-operative Group has announced losses of £2.5bn for 2013, marking the worst losses in the group's 150-year history. The Co-operative Group has announced losses of £2.5bn for 2013, marking the worst results in the group's 150-year history.
The group said most of the losses came from discontinued operations of its banking arm, which amounted to £2.1bn. The group said most of the losses stemmed from the Co-operative Bank, which amounted to £2.1bn.
That included a trading loss of £1.44bn for the year to December, when the group lost control of Co-op bank to US hedge funds. That included a trading loss of £1.44bn for the year to December, when the group lost control of Co-op Bank to US hedge funds.
Chief executive Richard Pennycook said 2013 had been a "disastrous" year.Chief executive Richard Pennycook said 2013 had been a "disastrous" year.
Mr Pennycook added: "These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are." He added: "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,"
In addition to the trading losses at the bank, the group took another charge of £625m when it handed over 70% of the bank's shares to bond investors.In addition to the trading losses at the bank, the group took another charge of £625m when it handed over 70% of the bank's shares to bond investors.
The company also wrote down the value of the Somerfield store chain by £226m.The company also wrote down the value of the Somerfield store chain by £226m.
The losses has been widely expected - in its half year results the Co-op Group had reported pre-tax losses of £709m.
At the same time it revealed £496m in impairments and the £1.9bn black hole in balance sheet of its banking arm, which had scuppered the planned takeover of 632 Lloyds banks branches and caused the near collapse of the Co-op Bank.
Last week, the Co-op Bank reported pre-tax losses of £1.3bn for 2013 and said it did not expect to make a profit in 2014 or 2015.