4 May 2000
Co-op’s first farm losses for 75 years
BRITAINS biggest farmer, the agricultural division of the Co-op, lost money last year for the first time since the great farming depression of the 1920s.
The CWS yearly report, published on Thursday (4 May) announces group profits are up 15% to 130m, reports the Daily Express.
But while the Co-op Bank did well and stores held their own, farming remained in crisis with its first loss in 75 years.
Chief executive Graham Melmoth said: “Its the small farmer who has borne the brunt of the crisis, but we are not immune.”
Mr Melmoth said the strength of Sterling was a crucial factor for the crisis.
- The Daily Express 04/05/2000 page 63