Group will repay UK government £16m worth of furlough payments as profits surge to £127m
The Co-operative Group is to repay £16m in furlough payments to the government, but will hold on to more than £66m in business rates relief despite announcing a surge in profits during the pandemic.
The mutual, which owns hundreds of grocery stores as well as funeral parlours, legal and insurance services, said pre-tax profits jumped from £24m to £127m in the year to 2 January.