Co-op blames job cuts on Labour national insurance raid Retail Co-op group has slashed its headcount this year to handle the added costs of Labour’s national insurance raid, its chief executive has revealed, saying the tax hikes had pushed the retailer to invest in more automation. The group, which runs life insurance and funeral businesses as well as its grocery arm, said on Wednesday that [...]
Co-op looks to funeral arm in hunt for turnaround from cyber-attack Retail Co-op posted a jump in turnover at its funeral arm, as the member-owned group said it is setting out the foundations to recover from a costly cyber-attack last year. Kate Allum, interim chief executive of the food-to-insurance firm, said the group is facing a “year of two halves” and will see its turnaround plan deliver [...]
Co-op takes £126m knock from cyber attack as boss quits Retail Retailer Co-op has slumped to a £126m loss as it reels from the cyber attack which cost the firm nearly £300m last year, as its chief executive quit. The grocery chain is preparing to slash costs in the coming year, as it plans to cut £200m of spending in 2026. Co-op’s cyber attack in April [...]
Five top paying savings accounts – earn up to 7.5 per cent August 8, 2025 Savings accounts are staging a fiery comeback as UK providers battle to attract customers. With the cost-of-living still rumbling on and interest rates beginning to shift, there’s prime opportunities to put money to work. A number of top accounts have upped rates in recent months – some over seven per cent – helping in a [...]
Just started a business? How to pick the right business account May 12, 2025 So you’ve decided to take the leap and set up your own business. Once you’ve fine-tuned your idea, it’s time to think about logistics – how do you pick the right business bank account for you? Do I need a business bank account? Business bank accounts are legally required for those looking to set up [...]
Co-op Bank mortgage applications soar following takeover March 7, 2025 Mortgage applications boomed at Coventry Building Society’s new subsidiary, The Co-op Bank, in its first batch of financial results since the acquisition. The bank recorded £116.2m in pre-tax profit for 2024, down from the £120.9m booked in 2023 but in line with company expectations. It said lower mortgage margins and increased savings rates weighed on net interest income, dampening [...]
Coventry Building Society to take over Co-op Bank in January November 28, 2024 Regulators have given the green light for Coventry Building Society to acquire The Co-operative Bank in January as consolidation sweeps through Britain’s mid-sized banking sector. The two lenders said on Thursday that the Financial Conduct Authority and Bank of England’s Prudential Regulation Authority had approved the £780m deal, which was agreed in May. The takeover [...]
Co-op Bank unveils £90m dividend ahead of Coventry sale November 26, 2024 The Co-operative Bank is to pay out £90m to investors after reporting lending growth in the third quarter, ahead of a £780m tie-up with Coventry Building Society.