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Historic year for “in vogue” Co-op

The Co-operative Group has reported a surge in annual profits after an “historic year” that saw it complete the acquisition of the Somerfield supermarket chain and merge its financial services arm with Britannia Building Society. Overall profits before payments to members soared 85 per cent to £402m in the year to 2 January, with sales up 31 per cent to £13.7bn. The rise marked the third consecutive year of double-digit growth. Like-for-like food sales were up 5.5 per cent, while the number of new bank account customers jumped by 38 per cent. The group will pay its 5 million members a dividend of £55m, up 16 per cent on 2008. Chief executive Peter Marks said: “It is no coincidence that our business model is in vogue with the mainstream political parties, who see consumer and employee-owned co-operatives as a potential solution to some of the issues faced by the public sector.” The group added that the results have put it “back into the Premiership of UK retailing”. It was, however, cautious about the months ahead, saying economic pressures will continue until the end of this year or even into the first half of 2011.


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Deals
LDC enters the Matrix

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Cyprotex rejects takeover bid

Business
Bernstein confident on new governance structure

Manchester City Council chief executive Sir Howard Bernstein this morning said he was “confident” approval for the city region's new governance structure could be reached by “a week on Friday” as Bolton became the latest local authority in Greater Manchester to confirm its support for the proposals. Yesterday, he also told an international Four Cities event that the move to replace the existing Association of Greater Manchester Authorities was a genuine level of devolution. Last month, Stockport and Trafford borough councils abstained from a vote to recommend the proposed new structure. However, Bolton last night voted in favour of the proposals. It is envisaged that the new body will have an increased say in the governing of the region.

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ServicePower swings to a loss

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Torotrak secures licensing payment

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NWDA confirms Sharp Project cash

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NorthernNet launches media access bureaus

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New financial management company launches

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Smoking Gun for husband and wife team

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Manchester unemployment falls

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Property
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3 Hardman Street sold for £183.5m

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Dyson calls for more grade A space

Manchester's inward investment agency MIDAS this morning hosted a debate at which Jones Lang LaSalle's regional chairman Bob Dyson called for new grade A space to be developed in the city. He said: "It's important the city fathers push forward the supply of grade A space, because at the moment, options are scarce. Manchester has facilitated delivery better than its rivals and needs to continue to do so."

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Allied London confirms Spinningfields agreement

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Blackpool leisure projects approved

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