I was on TV last week talking about the Co-operative Group's results. The jist of it is this: they made incredibly good profits last year. They have made a little less this year. The boss says it is a tough trading environment, in fact the toughest. They are trying to break into Big Four, and are up against two of the most ruthless commercial operators in the world. Because of their membership structure, they can build for the long term. I'd link to it, but I'm not allowed, even though I recorded a clip on my iPhone. Still not been stopped in the street yet.