Amid reports of boardroom disgruntlement due to poor performance, The Co-operative Group’s chairman Len Wardle has publicly backed ceo Peter Marks.
Wardle interrupted his holiday to pledge support for the beleaguered Marks after it emerged that underlying sales from rebranded Somerfield stores are down 14.1 per cent in the most recent period of trading.
But The Co-op insists it has had no problems in integrating Somerfield, which it purchased in 2008, and refutes speculation that directors have concerns about its chief executive, according to the Daily Mail
Wardle said in a statement: "The board of The Co-operative Group is united in its commitment to the continuing success of the business under Peter Marks' leadership, both commercially and in delivering its co-operative values.
“The process of integrating Somerfield into The Co-operative family is on track. Sales are lower, not least because we have cut prices for shoppers.
“The Co-operative brand has never been stronger and more relevant than it is today, as was underlined by the record group results announced last month. We are getting on with running the business for our millions of members and customers.”
The former Somerfield chain has allegedly posted a worrying 12.2 per cent fall in sales in the year to date and revenues for the operations are said to be £32 million below the figure budgeted for by management.
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