Regan misses Co-op deadline

Andrew Regan has failed in his attempt to get his bid approach to the Co-op movement formally discussed at the Co-operative Wholesale Society's annual general meeting next month.

It was expected that Mr Regan's Lanica Trust would try to ensure that a resolution supporting his proposals would appear on the agenda at the meeting on 17 May.

However, the deadline for submissions was 2 April and the CWS board had received no proposals supporting him by that date. As resolutions can only be tabled by CWS members, Mr Regan was relying on the support of sympathetic members to put forward a motion on his behalf.

The board kept the deadline open until the following weekend to give postal applications more time but still received no resolutions from any Regan supporters. It is also understood that at the board meeting on 2 April the directors were unanimous in their support for maintaining the CWS in its current form.

Though Mr Regan's interest in buying parts of the non-food interests of the Co-op will clearly be an issue at the meeting, the lack of a formal resolution will be a setback for the 31-year-old entrepreneur and could delay any formal bid approach.

However, the Lanica Trust team were making light of the issue yesterday, suggesting that it may have found another route. "It is not a question of missing any date. It is not a key date in our diary," a spokesman said.

The CWS concedes that Mr Regan could have a special general meeting called but would need 10 of the society's 300 members to support his proposals.

The CWS annual meeting takes place in Manchester on 17 May and will be attended by around 300 society members. A full list of resolutions will not be published until 19 April when the CWS will publish its results for last year. The figures are expected to show a decline in profits from the previous year's pounds 30m though not the slide into the red that some have been expecting.

The Co-op has also shrugged off suggestions that a strategic review ordered by its chief executive, Graham Melmoth, has only just come to light.

The CWS says that Mr Melmoth ordered the review last autumn following his appointment and that it was public knowledge at that time.

It said that the results of the review would not be known for some months but repeated that there were no plans to sell any of its businesses.

Mr Melmoth met Co-op managers last Friday and stressed the need for further convergence of its disparate societies.

He has already said that a merger between the two largest divisions, the CWS and the Co-operative Retail Society, is something that would happen in time. However, the Lanica Trust approach is likely to have made the need for action more urgent.

Mr Regan's approach has been made through Galileo, an arms-length company of Lanica Trust. He is interested in a pounds 500m deal that would see him take control of parts of the movement's non-food interests such as funeral parlours and travel agencies as well as the Co-op Bank.

Start your day with The Independent, sign up for daily news emails
News
election 2015The 10 best quotes of the campaign
News
A caravan being used as a polling station in Ford near Salisbury, during the 2010 election
election 2015The Independent's guide to get you through polling day
News
people
Voices
David Blunkett joins the Labour candidate for Redcar Anna Turley on a campaigning visit last month
voicesWhat I learnt from my years in government, by the former Home Secretary David Blunkett
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Editor-in-chief - Financial Services - City, London

£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Guru Careers: Management Accountant

£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...

Guru Careers: Project Manager / Business Analyst

£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...

Day In a Page

General Election 2015: ‘We will not sit down with Nicola Sturgeon’, says Ed Balls

'We will not sit down with Nicola Sturgeon'

In an exclusive interview, Ed Balls says he won't negotiate his first Budget with SNP MPs - even if Labour need their votes to secure its passage
VE Day 70th anniversary: How ordinary Britons celebrated the end of war in Europe

How ordinary Britons celebrated VE Day

Our perception of VE Day usually involves crowds of giddy Britons casting off the shackles of war with gay abandon. The truth was more nuanced
They came in with William Caxton's printing press, but typefaces still matter in the digital age

Typefaces still matter in the digital age

A new typeface once took years to create, now thousands are available at the click of a drop-down menu. So why do most of us still rely on the old classics, asks Meg Carter?
Discovery of 'missing link' between the two main life-forms on Earth could explain evolution of animals, say scientists

'Missing link' between Earth's two life-forms found

New microbial species tells us something about our dark past, say scientists
The Pan Am Experience is a 'flight' back to the 1970s that never takes off - at least, not literally

Pan Am Experience: A 'flight' back to the 70s

Tim Walker checks in and checks out a four-hour journey with a difference
Humans aren't alone in indulging in politics - it's everywhere in the animal world

Humans aren't alone in indulging in politics

Voting, mutual back-scratching, coups and charismatic leaders - it's everywhere in the animal world
Crisp sales are in decline - but this tasty trivia might tempt back the turncoats

Crisp sales are in decline

As a nation we're filling up on popcorn and pitta chips and forsaking their potato-based predecessors
Ronald McDonald the muse? Why Banksy, Ron English and Keith Coventry are lovin' Maccy D's

Ronald McDonald the muse

A new wave of artists is taking inspiration from the fast food chain
13 best picnic blankets

13 best picnic blankets

Dine al fresco without the grass stains and damp bottoms with something from our pick of picnic rugs
Barcelona 3 Bayern Munich 0 player ratings: Lionel Messi scores twice - but does he score highest in our ratings?

Barcelona vs Bayern Munich player ratings

Lionel Messi scores twice - but does he score highest in our ratings?
Martin Guptill: Explosive New Zealand batsman who sets the range for Kiwis' big guns

Explosive batsman who sets the range for Kiwis' big guns

Martin Guptill has smashed early runs for Derbyshire and tells Richard Edwards to expect more from the 'freakish' Brendon McCullum and his buoyant team during their tour of England
General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
General Election 2015: A guide to the smaller parties, from the the National Health Action Party to the Church of the Militant Elvis Party

On the margins

From Militant Elvis to Women's Equality: a guide to the underdogs standing in the election
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'