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The Co-op Group has reported its first annual loss since 2013, this came after the firm spoke of how its stake in the Co-operative Bank is worth nothing.
The Co-op Group reported a pre-tax profit of ยฃ132m for 2016, a sharp decline on the previous yearโs profit of ยฃ23m.
Itโs now reduced the value of its 20 per cent stake in the Co-operative Bank from ยฃ185m to zero.
As well as this its financing costs had risen by a huge ยฃ74m in 2016.
Back in February, the Co-op Bank put itself up for sale. It has a total of 4m customers.
The Bank almost saw a total collapse in 2013 but a group of US investors rescued it. The Co-operative Group kept a 20 per cent stake.
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