Co-op goes back to the future with rebrand

THE Co-op is turning back the clock with a retro rebrand as it attempts to leave behind its recent scandal-hit past.

Returning is the blue and white logo first used in the 1960s and ditched in the 1980s. It has promised to return more than £100m a year back to millions of its members and bring back its dividend.

From the autumn, members will get a 5% reward on purchases of own-brand Co-op products and services – from food shopping to insurance – and 1% will go to local charities.

Chief executive Richard Pennycook told the Co-op’s annual meeting on Saturday: “This is what the Co-op is all about. Big business is often accused of taking money out of communities – we are putting it back in as we champion a better way of doing business for our members and their communities,” said chief executive Richard Pennycook.

“Our intention is to return to paying a dividend again, but we also want to make the rewards for members who trade with the Co-op more meaningful and community focused.
 
“We’re already seeing good momentum across our businesses and this will drive further growth which our members and their communities will benefit from. It clearly demonstrates the Co-op difference being delivered every day.”

Also revealed were plans to up membership and for 50% of sales to come from members, Currently, a quarter of food sales are to members.

Members also approved a pay cut for Pennycook from £1.25m to £750,000 and a bonus set at 40% of salary as part of the remuneration package.

They also approved the election of a former John Lewis executive Margaret Casely-Hayford and former Labour MP Hazel Blears as directors.

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