Manchester-based Co-operative Group Limited announced in a stock exchange statement it will “vigorously” defend a £450 million claim that has been issued against it.

“Co-operative Group Limited and certain of its subsidiaries (Co-operative Group Food Limited, Co-operative Foodstores Limited and Rochpion Properties (4) LLP) are aware that a claim has been issued by the liquidators of The Food Retailer Operations Limited in connection with transactions which took place in 2015 and 2016 relating to the Somerfield supermarket business acquired by Co-op in 2009,” said Co-operative Group.

“The amount claimed is in excess of £450m plus further unquantified amounts of interest and costs.

“Co-op strongly disputes both liability and quantum of the claim and the claim will be vigorously defended.”