The £600m sale of its petrol forecourt business to the billionaire Issa brothers and cutting hundreds of jobs have helped boost profits at The Co-op.
The Manchester-headquartered group has hailed a "strong operational performance" over the past year and said it benefited from “early and targeted action” against the tough economic backdrop, which included a shake-up which cut about 400 jobs last summer.
The Co-op has reported a jump in its pre-tax profits to £247m for 2022, £190m higher than the previous year, and said it would have fallen to a loss but received £319m of profit from the sale of its 132 petrol forecourts to rival Asda.
