Mon, 03 Jun 2013 | DIVISION SALE
The Co-operative Group is considering selling off its business division that has responsibility for handling travel.
The firm's travel arm is a joint venture with Thomas Cook and has more than 1,000 stores across the country. It looks likely that it would be just be the Co-op's stake in the travel business that could be on the market.
Selling the travel division of the business is part of the Co-op's plan to shore up its finances. The firm is also considering selling its electrical goods online store and a number of properties in order to stem the shortfall in its capital buffers, which is estimated to be in the region of £1 billion to £1.8 billion.
A further £500 million could also be generated by the sale of the mutual's motor and general insurance arm, while selling its life assurance business to Royal London is expected to raise £219 million. A further £240 million could also be generated from the sale of its general insurance business.
The bank held a board meeting last week in which directors were updated on progress in this area. Reports have stated that officials from the Bank of England are looking to get a solid plan in place to secure the Co-op's future and implement an effective survival strategy by the end of June at the latest.
____________________________________________________________________________
Related articles:
Co-op deal to buy 200 Lloyds branches snagged by £1 billion hole
Co-operative has plans to sell its general insurance business
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.