Lord Myners abandons efforts to revive Co-op

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CO-OP Bank’s remaining shareholders, which include hedge funds such as Perry Capital, Beach Point Capital and Silver Point Capital, will need to stump up more cash, according to analyst.

Banking industry sources say they have little choice but to do so or risk losing the £1.2bn they have already put in.

Faced with such an uncertain future, Co-op Group has announced plans to sell its farms business and is considering a sale of its pharmacy chain in order to raise the required funds.

Banking industry sources say the pharmacy business could fetch between £450m and £500m.