The interim chief executive of the Co-operative said the group's losses arose principally from three causes.
Firstly, the continuing losses reported by the Bank as a result of the impairment of corporate loans, conduct issues and failed computer development projects.
Secondly, the write-off of our accumulated 115 year investment in the Bank following its emergency recapitalisation, in which we participated but in the process saw our shareholding fall from 100% to 30%.
And thirdly, a partial write-off of the goodwill created on the 2009 acquisition of the Somerfield food business following a strategic review of that business.
The final results for The Co-operative Group highlighted heavy losses that reflected:
- Significant losses at The Co-operative Bank (“the Bank”)
- Loss on reduction in Group’s shareholding in the Bank
- Impairment of goodwill which arose on the Somerfield acquisition
- Reduced sales in Food, impacted by disposal programme designed to focus business on its core convenience store chain
- Increased central corporate costs
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