“We are always looking ahead and are mindful of the challenges and uncertainty. We think this year will be as tough as last year,” says Co-op group boss Steve Murrells, before adding somewhat wearily, “which brings us to our decision on the repayment of government money.” 

Despite group revenues growing to £11.5bn and profits before tax hitting £92m up 38% in the 52 weeks to January 2, the Co-op has decided to return only £15.5m of the £82m it received in government support last year.