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Co-operative Group's £2.5bn loss is worst in its history

The Co-operative Group has reported annual losses of £2.5 billion, the worst in the company's history.

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Co-operative Group boss: '2013 was a disastrous year'

The Co-operative Group has announced annual losses of £2.5 billion after suffering the worst crisis in its history following the near-collapse of its banking arm.

The Co-operative Group reported its worst ever losses. Credit: Nick Ansell/PA Archive/Press Association Images

Interim chief executive Richard Pennycook said: "2013 was a disastrous year for the Co-operative Group, the worst in our 150-year history.

"Today's results demonstrate that but they also highlight fundamental failings in management and governance at the group over many years.

"These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are."

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