Magnificent seven

And Mr Marks is confident the company will be on site by summer to begin its £20m Southgate development. The 1.71 hectare development, next to the company's flagship Sunwin store in Bradford, will combine leisure, retail and residential units to help with the revival of the city centre.

Chief executive Mr Marks said other sectors of its business were bouncing back. He said despite its travel business being hit by the aftermath of September 11, investing in its core operations had ensured the Bradford-based firm blossomed.

As reported in later edition's of yesterday's Telegraph & Argus, Yorkshire Co-operative Ltd announced its trading profit had shot up to £13.95m on sales of £506m for the 2001-2002 financial year.

Mr Marks said the Sunwin House-based company had suffered like other businesses but had bounced back.

"The main problems for us after September 11 arose from our travel businesses, we have 20 travel shops and as everyone knows after September 11 the market collapsed," he said.

"Of course, the atrocities had a knock-on effect in other areas of the economy generally too, but our travel shops are coming back now slowly but surely."

When asked about the success of the company, which has seen its seventh year in succession of record profit levels, Mr Marks attributed it to the company's decision to invest heavily in its core businesses.

He said: "We have invested, and will continue to invest in our core businesses, we are set to spend around £24m on the continued development and modernisation of our businesses and we are confident this model will see 2002 as an equally successful year for us.

"Our unique selling proposition is that we care for our customers and give them good value which means that our results compare favourably with similar businesses. We have a core of businesses we want to continue investing in but we have no plans at the moment to diversify any further."