You may be aware that there have been various reports in the press regarding the Co-operative Group’s Specialist Commercial Businesses (SCB) including Clothing, Electricals, Motor and Cash in Transit. Press reports suggest the Group is looking to sell these parts of the business.
In a briefing to senior management Martyn Wates, Chief Executive Specialist Businesses, commented:
‘To clarify the position, we have carried out a strategic review of the business and as part of this review we have appointed advisers to help us evaluate the options. These include the potential of disposing the cash handling and security operation. However, no decisions have yet been made and we do not anticipate any developments in the short term.’
NACO is in regular contact with the Co-operative Group’s management team and has requested an urgent meeting to discuss their plans for SCB in detail. As soon as we have met with the business, we will provide a further update for all members.
We understand this news will be of concern to many NACO members; therefore, we have made it absolutely clear to the management team that we must be kept fully informed of any future developments.
As always, any members with individual concerns should contact the NACO National Office.