The Co-operative Group has been voted the most ethical firm over the past 25 years.

Despite the company sinking to a £2.5bn loss in its last financial year, the funerals to food group was ranked the top firm in a survey to Ethical Consumer magazine readers.

The accolade comes after The Co-op attempted to change the way it was run after its bank was hit by a £1.5bn blackhole.

The board is also attempting to devise reforms that will win support from its members, with a special meeting expected to take place next month.

Ethical Consumer co-director Tim Hunt said: “Many commentators have had their knives out for the Co-op Group in recent months. Ethical Consumer’s readers, however, are able to see through the spin and realise that despite the problems the Co-op remains an ethical business at heart – at least for the time being.”