Co-op pledges £7.5m for Enterprise Hub

THE CO-OPERATIVE Group has pledged £7.5m over the next three years to fund the expansion of the co-operative business model.

It will give the cash to its Manchester-based Co-operative Enterprise Hub, which provides free advice, training and access to finance for new and exisiting co-operative organisations.

The pledge came as a report, ‘The New Pioneers’, showed the increasing significance and popularity of the co-operatives in this country.

Last year the co-operative economy grew 4.4% – far more than the general UK economy –  and is now worth £33.4bn.
 
Michael Fairclough, The Co-operative Group’s head of community and co-operative cnvestment, said: “The co-operative business model has been described as an old solution to a modern problem.

“Fundamentally, it gives people a voice, a say in how services are delivered. In an age when the general public have serious concerns about the transparency of our financial systems, it is a model that is being increasingly adopted.

“As more and more people rediscover the benefits of self-help and mutual ownership, the co-operative alternative will, without doubt, play an increasing part in fostering future enterprise – contributing to the rebuilding of a more balanced and stable UK economy.”

The report reveals there are a wide range of businesses, across numerous sectors embracing the co-operative model, ranging from pubs to sports clubs to playgrounds and gymns.

It highlights that since its pilot scheme began in 2009 the Co-operative Enterprise Hub has delivered over 2,300 days of free advice, training and consultancy since. It has supported almost 700 member-owned enterprises.