05 May 1998
CWS and CRS merger talks mooted
PRESSURE could mount for a merger of Co-operative Retail Services (CRS) and the Co-operative Wholesale Society (CWS) when CRS announces its full-year results today.
CRS, which operates supermarkets, department stores and funeral parlours, is expected to reveal that its pre-tax losses increased from £13.5m to £25.6m on static sales of £1.54bn during 1997/98. Last year, entrepreneur Andrew Regan made a controversial attempt to take over CWS, CRSs sister group, after a sharp drop in profits. But his plans were thwarted after he and another executive of Lanica Trust were filmed handling documents handed to them by a senior CWS executive.
- Financial Times 05/05/98 page 29