Co-operative Group posts massive loss

Britain’s Co-operative Group made a loss of 2.5 billion pounds, (around 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 former bank chairman, Paul Flowers.

The former Methodist minister was charged with drugs offences earlier this week.

The charges relate to possession of cocaine, methamphetamine and ketamine.