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Co-op to keep £66m in rates relief despite 400% rise in profits – The Guardian

Group will repay UK government £16m worth of furlough payments as profits surge to £127m



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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.
The groups total revenues rose 5.5% to £11.5bn as sales at its established food stores rose nearly 7% and its wholesale…

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