Midcounties Co-operative shares out record divvy to members
THE Midcounties Co-operative has voted to distribute a record £1.5m dividend to its members and customers.
The award was made possible after first half trading profit grew by £1.6m to £11.8m.
Ben Reid, CEO at The Midcounties Co-operative, said: “What stands The Midcounties Co-operative apart from other businesses is that we only do three things with our profits – invest in the business, distribute them to our members and support local communities.
“This record level of distribution reflects the substantial growth we have achieved this year in reaching £1bn annual turnover, which has been achieved with the on-going support of our members and colleagues.”
He said the award was a timely reminder of one of the core values of a genuine co-operative – that it shares its profit with its members.
“Combine this with our unshaken commitment to operating as a democratic business with strong ethical values and we believe it demonstrates the strength of the co-operative model and explains why it has survived for over 150 years despite the occasional challenge to our reputation,” he added.
“Issues have arisen along the journey, but the strong commitment of our co-operative members to honour their commitment to the movement has ensured that we stay true to our values.”
The Midcounties Co-operative is headquartered in Warwickshire with trading outlets in Oxfordshire, Gloucestershire, Wiltshire, Shropshire, West Midlands, Worcestershire and the surrounding counties.
The society trades in food retail, funeral, travel, pharmacy, childcare nurseries, flexible benefits and energy, as well as running a number of post offices. It is the largest independent co-operative society in the UK and has more than 500 sites and 439,000 members.
