Co-op invests £240m into membership proposition with raft of price cuts

Around 4.5 million people are currently members and the group said it hopes to grow its membership by a further million over the next five years.

The Co-operative Group has agreed to a £600m deal to sell its petrol forecourt business to supermarket giant Asda in the latest of a line of moves to bolster its finances (Co-op/ PA)

The Co-op has revealed plans to invest more than £240 million into its membership proposition in a move which will cut prices for customers.

The group, which runs more than 2,400 food stores and 800 funeral homes, announced the five-year investment plan as it continues with its broader turnaround efforts.

It said the funding will be used to introduce new and lower prices which will only be available to Co-op members.