Co-op head further into the red

The first half results for Co-operative Legal Services show a £3.4m loss in the first half of 2013.

Losses were put down to the “start-up nature of the business”, however the figure is in comparison to £700,000 in profit for the same period in 2012.

In March 2012 Co-op Legal Services became one of the first firms to be awarded an alternative business structure licence from the Solicitors Regulation Authority.

The losses were a small part of the group’s overall deficit, which was £559m over the six months. Much of this came from the banking arm writing down £496m in bad debt.

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