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Co-operative Group posts massive loss

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Co-operative Group posts massive loss

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Britain’s Co-operative Group made a loss of 2.5 billion pounds, (three billion euros), last year.

Co-op was hit by an exodus of top executives and a massive funding gap at its bank.

The group says the results, which highlight fundamental failings in management, are a wake-up call to its serious challenges.

Co-op’s reputation was further tarnished by a drugs scandal involving its then bank chairman, Paul Flowers.

The former Methodist minister was charged with drugs offenceson charges related to possession of cocaine, methamphetamine and ketamine.