// Co-op Group to make 400 jobs redundant at Manchester head office
// Co-op employs more than 63,000 people including 4,000 at its head offices
The Co-op Group is axing 400 jobs at its Manchester head office as the company struggles with tough trading conditions.
Co-op, which employs more than 63,000 people including 4,000 at its head offices, warned in April of the impact of inflation after annual profits more than halved amid supply chain disruption and higher staff wages.
The group owns funeral homes and insurance as well as supermarkets and saw profits plunge 57% to £100 million in 2021 after stripping out a one-off £99 million gain relating to the sale of the Co-operative Bank in 2017.
The Co-op said: “We make these changes with a heavy heart, but it is the right thing to do for the long-term health of our Co-op and for all of our members.
“At our last set of annual results, we shared, that as part of our strategy, making our Co-op more efficient and cost-effective was a priority.
“The tough trading environment, including rising inflation, means we have taken the difficult decision to bring forward some of the changes we had planned for 2023.
“These changes, designed to simplify our approach to business, will sadly mean a number of colleagues in central functions will leave the business.”
Co-op said there would be no changes to customer-facing roles in its food stores or funeral homes. It will aim to reduce roles by not filling vacancies in preference to making redundancies.