The Co-operative Group has agreed a five-year, £950m refinancing deal.

The deal, which has a pre-agreed capacity to increase to £1bn, was supported by Barclays, HSBC, Royal Bank of Scotland, Lloyds,  Handelsbanken, Bank of Ireland and the Co-operative Bank.

The society said the finance package would allow it to continue to develop its trading operations, which include more than 4,800 stores across food, pharmacy, travel and banking.

“Barclays has a long standing and very close relationship with the Group and this over-subscribed financing shows the attraction of the Co-operative brand for funders and a high regard for the business and management team, said Jim Quantrill, relationship director who lead the deal for Barclays.