LONDON (Reuters) - Britain's biggest mutual The Co-operative Group, which includes food stores, funeral services and pharmacies - lost the head of its banking arm on Friday after credit ratings agency Moody's downgraded the bank's debt ratings and said it might have to bolster its capital.
Here's a brief look at the Co-op's history and current businesses.
HISTORY
The Co-operative Group has its roots in northern England with a group of working men called the "Rochdale Pioneers". They came together in 1844 to promote co-operative or mutual businesses - where profits are shared among members. Soon after member-owned businesses sprang up across Britain. Many of them merged, eventually creating The Co-operative Group in 2000.
Today the group encompasses more than 7.6 million individual members and 80 independent co-operative societies.
BUSINESSES
The Co-op is best known for its supermarket chain, which generated more than half of the group's total sales in 2012. Its other businesses include banking, travel, pharmacies, legal services, online electrical retail, support services and property. It is also the UK market leader in funeral services.
2012 PERFORMANCE
In 2012, the Co-op made an underlying operating profit of 54 million pounds, down from 472 million in 2011. The group said this was due to losses in its banking arm, as well as the continuing economic downturn and intense competition from rival supermarkets.
RETAIL
The Co-op's supermarket business is the fifth largest in Britain. Its acquisition of rival Somerfield for 1.57 billion pounds in 2008 brought it into closer competition with Britain's biggest supermarkets, Asda (owned by Wal-Mart Stores), Sainsbury's, Wm Morrison and Tesco.
BANKING
The Co-operative Bank Group comprises The Co-operative Insurance, The Co-operative Bank, building society Britannia and internet bank Smile. It made a loss of 674 million pounds last year due to bad loans. Industry sources have said it is 700 million pounds to 750 million pounds short of the capital it needs to meet requirements from regulators.
Last month, a deal to buy 630 branches from Lloyds Banking Group worth up to 750 million pounds collapsed, after the Co-op pulled out citing tighter regulations and a worsening outlook for UK economic growth.
LEADERSHIP
Peter Marks, group chief executive since 2007, retired in May after 45 years working within the wider co-operative movement. He was succeeded by Euan Sutherland, the former chief operating officer at home retailer Kingfisher plc. Sutherland, who has spent his career mainly in retail, is expected to conduct a review of the group's businesses, including its banking division.
The Co-op said on Friday Barry Tootell would step down as chief executive of the bank and that Rod Bulmer, who has held a number of senior positions at the bank, would take over until a replacement was found.
Sources: The Co-operative Group, Reuters
(Reporting by Clare Hutchison and Matt Scuffham. Editing by Jane Merriman)
Source: http://news.yahoo.com/factbox-uk-mutual-co-operative-group-151617029.html
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