Page last updated at 12:54 GMT, Monday, 16 February 2009

Co-op to close down Somerfield HQ

Co-op chief executive Peter Marks
Co-op boss Peter Marks wants to double group profits in the next three years

The Co-operative Group (Co-op) is to close the headquarters of Somerfield after the 1.6bn takeover of its supermarket rival last year.

The move - which will affect 750 employees based in Bristol - is part of the integration of the two businesses.

The Co-op said that it hoped to relocate as many staff as possible.

The takeover is expected to go through next month and will cement Manchester-based Co-op's position as the UK's fifth largest supermarket chain.

A spokesman for the Co-op said it was still too early to comment on any potential job losses.

"Somerfield has some great people and during the integration process we will endeavour to offer relocation opportunities to as many of them as possible," he said.

'Renaissance'

The Co-op is taking over more than 650 Somerfield stores.

As a condition of the takeover, it agreed to sell more than 100 stores in areas where the Office of Fair Trading had concerns over competition.

The merged group is beginning an advertising campaign to promote the all-encompassing Co-op.

Co-op is looking to capitalise on a revival in its fortunes and double its profits over the next three years.

"We are witnessing a renaissance of the Co-operative," said Co-op boss Peter Marks.

Tesco, Asda, Sainsbury's and Morrisons are currently the biggest four supermarket chains in the UK.

Print Sponsor


SEE ALSO
Somerfield name likely to vanish
21 Oct 08 |  Bristol/Somerset
Co-op buys Somerfield for 1.57bn
16 Jul 08 |  Business
Co-op keen to purchase Somerfield
17 Apr 08 |  Business
Somerfield owner 'considers sale'
17 Jan 08 |  Bristol/Somerset
Co-op pays out 19.6m in 'divi'
28 Jun 07 |  Business
Top UK co-ops agree merger terms
17 Feb 07 |  Business
Co-op in 'carbon neutral' scheme
02 Oct 06 |  Business
Co-op offers five times mortgages
21 Nov 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2018 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific