Asda eyes up Co-op’s petrol business in £450m bid August 29, 2022 Asda is the front-runner to buy approximately 130 petrol stations and convenience stores from the Co-op Group’s petrol forecourt business in a £450m swoop.
Co-op front runner in race to buy Sainsbury’s Bank’s £650m loan book, according to reports February 21, 2023 The Co-operative Bank has tabled an offer for Sainsbury’s Bank’s £650m loan portfolio being, according to reports by Sky News. The Co-operative bank is among a number of parties understood to have tabled a bid for the supermarket bank’s loan book . An insider cited by Sky News said the Co-operative “appeared to be the [...]
Live music, wine and food savings on offer as The Co-op follows Tesco and Sainsbury’s with £240m ‘members only’ drive April 19, 2023 The Co-op has revealed plans to invest more than £240m into its membership proposition in a move which will cut prices for customers. The group, which runs more than 2,400 food stores and 800 funeral homes around the UK, announced the five-year investment plan as it continues with its broader turnaround efforts. It said the [...]
Fuel be surprised: Co-op sells petrol business to rival Asda for £600m August 31, 2022 The Co-operative Group (Co-op) has announced it will sell the company's petrol forecourt business to Asda in a £600m deal.
Co-op warns cost of living crisis will eat into future profits as food to funeral care firm feels pain of inflation April 5, 2023 The Co-operative Group has warned that ongoing inflation and economic uncertainty is likely to reduce its profits in 2023. The food, insurance and funeral care provider revealed its underlying profit remained flat at £100m for the year while EBITDA was down £15m to £490m compared to £505m in 2021. Group revenue for the year was [...]
Co-op appoints Shirine Khoury-Haq as first female chief in 159 years August 23, 2022 The Co-op has appointed its former chief financial officer and interim boss Shirine Khoury-Haq as group CEO. The group’s former boss Steve Murrells, stepped down in May following the company’s annual general meeting. Murrells took the reins of the supermarket as CEO in March 2017, following a five year stint heading the company’s food business. [...]
Exclusive: Getir teams up with Co-op as rapid delivery firm looks to grow UK presence October 26, 2022 Getir has joined forces with Co-op to deliver groceries from the retailer to consumers in a hurry. The rapid delivery firm will launch a pilot to offer app users hundreds of Co-op products across London from today. Nisa Retail, Co-op group’s wholesale division, will be working with Getir to supply the range of around 300 [...]
CMA probes Asda’s £611m Co-op petrol station takeover deal over fears it could hike fuel prices March 14, 2023 Asda’s £611m takeover over of 132 Co-op petrol stations has come under scrutiny from the UK’s competition watchdog over concerns the deal was likely to push up fuel prices. After the supermarket snapped up the sites last October the Competition and Markets Authority (CMA) launched a Phase 1 investigation at the start of this year [...]
30-min weekly shop: Uber Eats and Co-op team up for rapid delivery service August 23, 2022 Co-op and Uber Eats are partnering up for a speedy service as the grocery sector’s battle for convicent delivery hots up. On the Uber Eats app, shoppers can order more than 6,000 products from around 1,000 Co-op food stores. Groceries are to be delivered in as little as 30 minutes, the firms said on Tuesday [...]
Booming mortgage lending swings Co-op Bank back to profit February 24, 2022 A sharp rebound in mortgage lending amid a rampant UK housing market swung Co-operative Bank back to profit last year, the bank announced today. A near three-fold increase in net mortgage lending pushed profits at Co-op Bank to over £30m, up from a £103.7m loss in 2020. An ultra-low interest rate environment stoked demand in [...]