summer 2011. In 2008, the group bought ten convenience stores trading as Bell's and Jackson's in the north and east of England from Sainsbury's. In autumn 2008, Lothian, Borders & Angus Co-operative Society members voted to transfer engagements to the Co-operative Group. The transfer came into effect on 13 December 2008. The group announced in November 2008 that despite the economic downturn, half-year profits had risen by 35.6 percent to £292.6 million for the six months to June 2008. In January 2009, Co-operative Financial Services and the Britannia Building Society announced their intention to merge, subject to regulatory and member approval. Members of the Plymouth & South West Co-operative Society joined the Co-operative Group in September 2009. The Group's reputation suffered in 2007 when 38 of its 41 stores in Sussex failed fire safety inspections and it was fined £250,000. It was fined £210,000 in 2010 after an investigation at one of its Southampton stores. In May 2010, the Co-operative Group unveiled plans to build a new headquarters in Manchester. The initial phase of construction commenced on Miller Street near the existing estate where the Group has been based since 1863. The project, entitled NOMA, aims to reflect ethical values of the organisation in its design, construction and its relationship with employees and the surrounding communities. The centrepiece of the initial development is One Angel Square, one of the largest buildings in Europe to have a BREEAM Outstanding Distinction as a result of its high sustainable energy credentials. Occupation of the new building began in early 2013. Financial crisis (2013–2014) In May 2013, after recognising inadequate capital levels in its banking group, Euan Sutherland took over from Peter Marks as Chief Executive. That month Moody's downgraded the bank's credit rating by six notches to junk status (Ba3) and the bank's Chief Executive, Barry Tootell, resigned. The difficulties stem largely from the commercial loans of the Britannia Building Society, acquired in the 2009 merger. The Co-operative Insurance sold its life insurance and pensions business to Royal London releasing about £200M in capital, and planned to dispose of its general insurance business. Further financial restructuring was expected. On 5 June 2013, Richard Pennycook, former Finance Director of Morrisons, was named The Co-operative Group's Finance Director, and Richard Pym, former Chief Executive of Alliance & Leicester, as Chair of The Co-operative Banking Group and The Co-operative Bank. The group lost £2.5 billion in