The boss of Bradford's Sun-win House store, which is currently up for sale, today admitted that there was only a "slim chance" that it would be bought by a department-store operator.

Peter Marks, chief executive of United Co-operatives which owns the Sunwin Group, said there had been some interest in the city-centre shop which is being sold because United is getting out of running department stores.

But he stressed there was "absolutely no rush" to complete a deal and said the society was committed to making "the right decision for our staff, for our members and for Brad-ford."

He was speaking as United today unveiled a giant leap in pre-tax profits, up 23 per cent to £43.7 million as sales soared 13 per cent to £1.88 billion.

They were record figures for the Rochdale-based group for the 11th successive year.

He hailed the results for the society, which was formed from the Bradford-based Yorkshire Co-operatives and Stoke-based United Norwest organisations two and a half years ago, as proof "that a new and powerful co-operative business force has arrived on the scene."

As revealed by the Telegraph & Argus, United put Bradford's Sunwin House store up for sale in November. At the same time, it completed a deal with Anglia Co-operative Society to buy a further seven Sunwin House stores, including Keighley, Skipton and Ilkley.

Today Mr Marks said there had been interest from retailers in acquiring the Bradford site but added: "I still say that the chances of us selling it as a department store are slim.

"However, we will continue to trade the store until we find the right solution. We are not in a great rush to dispose of it."

During 2004, the group spent £110 million on new acquisitions and other investment and Mr Marks said a further £200 million would be spent during the next three years.

The major target is to grow its pharmacy business through new Yorkshire acquisitions.

Mr Marks said he was particularly pleased with the performance of the society's convenience stores despite a tough market which is increasingly being targeted by the large supermarket operators.

He said United had tried to improve the range and availability of products and increased stocks of items such as ready meals.

Over the years, the group expanded its network of shops by buying the Quality Fare and Neighbours chains.

The Bradford-based Sunwin motor group had also performed well despite a tough end to the year, said Mr Marks.

"But it is going to be a tough year this year in car sales because the interest rates rises and underlying weaknesses in the housing market have knocked consumer confidence," he warned.

The society announced today that it was increasing distributions to stakeholders - members, staff and community donations - by 21.3 per cent and making a £4.2 million contribution to its final salary pension scheme.