Co-op loss tipped to hit £2.5bn
The bigger-than-expected figure stems from the group’s disastrous debt-fuelled acquisition spree and the cost of bailing out its banking arm.
The company, whose interests include food stores, travel and funeral care, has estimated net debt of £1.2bn, which is mostly owed to its syndicate of lending banks including Barclays, Lloyds Banking Group and Royal Bank of Scotland.
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Hide AdThey are reported to be increasingly troubled by the run of boardroom disputes at the Co-op Group.
Former City minister Lord Myners resigned from the board last week after his proposals for a shake-up of the group’s corporate structure encountered stiff resistance from supporters of its democratic mutual model.