Co-operatives get support from £5m service
The Co-operative Group has put £5m into a support service designed to help new mutuals get off the ground.
The Manchester-based Co-op said co-operatives have been identified as a fair and sustainable approach to business in the wake of the banking crisis.
It now wants to help member-owned businesses throughout the UK by offering training and business advice through its Enterprise Hub.
Peter Marks, the Co-op’s group chief executive, said: “More than 11 million members belong to some 5,000 co-operatives in the UK. And, with a combined turnover exceeding £29bn, it represents a significant contribution to society and the economy.
“With the recent financial crisis highlighting deep flaws in economic and business practices, people are opening their eyes to the co-operative model and seeing its merits as a modern, effective and relevant way of doing business.
“We welcome the debate about the part co-operatives can play in developing a more balanced UK economy. That is why we have put our money where our mouth is and demonstrated our commitment to the sector with this £5m, three-year investment programme.”
The Hub, which launched as a pilot in Manchester last year, is run through a central website supported by a network of development professionals who deliver the support. For more information visit www.co-operative.coop/enterprisehub or, telephone Angela Davies, co-operative development manager, on 0161 246 3020.
