kamcity.com 08 Apr, 2021 15:45 am

Strong Year For The Co-op But Will Only Pay Back Some Of Government Support

However, the society said it would only give back part of the government support it benefitted from during 2020, despite the likes of Tesco, Sainsbury’s and Morrisons agreeing to repay all the business rates relief they received.5m of the money it received in Government support during the pandemic.Reports suggested the move follows a robust debate among Co-op board members, some of whom had argued that the mutual risked undermining its ethical stance if it did not repay government support in its entirety.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.

This covers the amount it claimed in furlough payments during 2020 but not the £66m it received from the rates relief initiative early in the crisis.“The pandemic turned our plans upside down and, while our revenues went up marginally, our costs rose disproportionately.

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