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Co-op to pay bonuses to top bosses

by LLB Editor
8th Apr 21 11:15 am

The Co-op Group will annual bonuses to senior executives, according to Sky News.

This is despite the chain refusing to repay £65m in business rates relief it received from the government to support it through the pandemic.

It comes as Co-op today announced that group revenues increased by £0.6m to £11.5bn in 2020, with pre-tax profits soaring to £92m, up £25m on 2019.

The size of the bonuses will be disclosed in the Co-op’s annual report in the coming weeks.

Defending the decision, Allan Leighton, the Co-op chairman, said: “We were grateful for the government support that allowed us to manage our businesses through the pandemic, particularly our Funeralcare business, which has been working with bereaved families in extraordinarily difficult circumstances, helping them mark the passing of loved ones at a time of national grief.

“The pandemic turned our plans upside down and, while our revenues went up marginally, our costs rose disproportionately.”

 

 

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