Co-op pays bonuses after profits soar but keeps 66m of Covid cash

By Tom Witherow5 days ago

AD

Co-op chief exec Steve Murrells and other company bosses will enjoy bonuses this year

The Co-op will pay bonuses to top bosses despite holding on to 66million of taxpayers cash amidst a five-fold rise in profits.

The supermarket chains chief executive Steve Murrells confirmed that payouts to him and other executives will be announced in the annual report in the coming weeks. This is despite the group announcing it will only repay a fifth of the Government support it received in the pandemic. In 2020 sales jumped 5.5 per cent to 11.5billion.

This helped profits to rise from 24million to 127million, securing The Co-ops position as a pandemic winner, even amongst grocery rivals. It received 66million of business rates relief and 15.5million of furlough payments, but yesterday only agreed to repay the cash received under the furlough scheme.

Murrells said: The business rates decision supported by the board and our membership counsel. We need to watch how we use our scarce resources.

HOW THIS IS MONEY CAN HELP

  • How to choose the best (and cheapest) DIY investing platform and stocks and shares Isa

Continue read on dailymail.co.uk