Co-op Group offloads pharmacy business to Bestway for £620m July 18, 2014 The Co-operative Group has agreed to sell its pharmacy business to privately owned Bestway for £620m, using the funds to slash its huge debt and invest in its core business across its consumer and retail divisions. The UK's biggest mutually owned company has reacted to its biggest-ever loss, amounting to £2.5bn for 2013, by making [...]
Pym to leave Co-op Bank to chair AIB July 14, 2014 The chairman of the Co-op Bank, Richard Pym, has announced he will stand down later this year to take up a similar role at Allied Irish Banks (AIB). Pym had already told the Co-op he was leaving and the lender is seeking his replacement. He will become a non-executive director and chairman-designate at AIB from [...]
Endgame approaches as bidders fight for Co-op pharmacy chain June 30, 2014 The sale of Co-op’s chemist business may be nearing its conclusion as several big bidders compete to be chosen as the winner of the long-running disposal. The Co-op group, which is also selling its farms business, is selling its chemist chain, including over 700 pharmacies employing around 6,500 staff. An outcome is likely in a [...]
UK finance body lands co-operation deal with colossal Chinese bank June 17, 2014 The government has been keen to promote business ties with China since at least the beginning of the current coalition – today’s visit by Premier Li Keqiang has been no exception. TheCityUK today signed a memorandum of understanding with a massive Chinese government bank, with a little help from the UK’s Foreign and Commonwealth Office [...]
Co-op bank hires new ethics director May 27, 2014 TOP LAWYER Laura Carstensen was yesterday appointed to improve behaviour at the Co-op Bank. She is now a non-executive director and will chair the values and ethics committee, designed to make sure the bank sticks to co-operative principles. Carstensen was formerly a partner at Slaughter and May as well as deputy chairman of the Competition Commission.
How the Co-op’s botched deal has cut TSB out of half of the mortgage market May 27, 2014 New high street bank TSB can only access half of the mortgage market because it does not have the systems in place to sell through mortgage brokers, chief executive Paul Pester said today – and it is thanks to the Co-op’s botched attempt to buy the lender. As 40 to 50 per cent of [...]
Ben Reid checks out of Co-op Group after vote for reforms May 19, 2014 VETERAN Co-op Group board member Ben Reid announced his resignation yesterday, leaving the firm after a turbulent year and 14 years on the board in total. The Co-op offered no comment on the move other than that Reid was stepping down, but people familiar with the situation suggested that Reid’s departure had long been on [...]
Co-op Group clings onto vital stake in its bank May 11, 2014 HEDGE funds backing the Co-operative Bank have helped plug the latest £400m capital hole at the troubled lender, increasing their own stake in the bank. The Co-op Group’s stake in the bank has been cut from 30 per cent to 20.2 per cent. As a result, the group does not have to pay even more [...]
Co-op Bank to raise £400m as it confirms chair’s resignation May 9, 2014 It’s more upheaval for the beleaguered Co-op Bank. The lender’s announced this morning that it’s looking to raise more than £400m by the end of 2014, in a bid to bolster its finances. It's also confirmed that its chairman, Richard Pym, will step down by the end of the year, after holding the position since [...]
Myners: Co-op insiders must accept change May 7, 2014 THE CO-OP Group’s directors need to be swept out and replaced with experienced business people if the group is to begin to turn itself around, Lord Myners said in a strongly worded report published yesterday. But the peer fears that only Co-op insiders will get a vote on shaking up governance at this month’s annual [...]