The Co-op Group has reported its first annual loss since 2013 after declaring that its stake in Co-operative Financial institution is value nothing.
Co-op Group reported a pre-tax lack of £132m for 2016, a pointy deterioration on the earlier yr’s revenue of £23m.
It diminished the worth of its 20% stake in Co-operative Financial institution from $185m to zero, reflecting the financial institution’s persevering with issues.
The group additionally stated that its financing prices had risen by £74m in 2016.
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