Co-ops outperform in tough market, says report

THE co-operative sector has outperformed the wider UK economy, growing by 4.4% to £33bn, according to a new report.

The UK Co-operative Economy 2011, commissioned by the umbrella group for mutual organisations, Co-Operatives UK, also said that Co-ops have grown by 21% since the onset of the credit crunch in 2008.

The report also said that membership of co-operative organisations has increased by 18% since 2008 to 12.8m, although the numbers dropped slightly during the past 12 months.

The Manchester-based Co-operative Group is the largest organisation in the sector, with sales of £14bn – up 6.5%. across its grocery, banking, pharmacy and funeralcare services.

Meanwhile, employee-owned organisations such as John Lewis and Suma Wholefoods were among the fastest-growing.

Ed Mayo, secretary general of Co-operatives UK,said that the co-operative economy holds lessons that could help the UK economy avoid repeating the problems of recent years.

“The evidence we have is of remarkably stable growth across a wide array of co-operative businesses.

“The values of shared ownership, shared wealth and democratic control appear to provide resilience in the face of economic adversities.

“Our co-operative economy is in good health.”