The chairman of the Co-operative Group, Len Wardle, has said that he will be stepping down from the company in May. Earlier this week, the group said that it would relinquish control of its banking arm as it works to plug a £1.5 billion hole in its finances.

Mr Wardle said in a statement: “The Co-operative is at its best when it is reforming and I want this change to continue. I want to persuade our members that The Co-operative Group should now look to an independent chair to lead the business, working side-by-side with the members who represent the movement.

“I am immensely proud to have led the group and to have chaired The Co-operative over the last six years."