Co-op gives £1.6 million profit to members
Members of The Midcounties Co-operative will receive a share of a record £1.6 million profits payments after sales topped £1 billion.
The society which has stores across the Black Country, South Staffordshire and north Worcestershire, enjoyed a 24 per cent increase in gross sales to £1.167 billion in 2013-2014.
A total of 191,760 members will receive a payment. How much each member gets will depend on how much they spend across the group.
The society is also distributing a further £3.6m to community groups and other Co-operatives, bringing the total distributed this year to £6.8 million, 41.5 per cent of its trading profit.
Ben Reid, chief executive of The Midcounties, said: "One of the key pillars of the co-operative principles on which The Midcounties Co-operative is based is the way we utilise our profits, and a key part of this involves giving back to the loyal members who choose to trade with us.
"In this, our 20th share of profits, we're proud to once again announce a record pay-out of more than £1.6million, which will see over 191,000 members receive payments. It is an announcement which reflects the success of our trading groups, which recorded gross sales last year, whilst reinforcing our commitment to our members."
Di Bateman, Head of Membership at The Midcounties Co-operative, said: "As a society, we are constantly looking to reward our members, as demonstrated by the frequent member events and incentives we run throughout the year. Our share of profits payments are an extension of this philosophy, and this record pay-out is testament to the ongoing loyalty of our membership."
The society, which trades in food retail, funeral, travel, pharmacy, childcare nurseries, flexible benefits and energy, is the largest independent co-operative society in the UK and has more than 500 sites. It is based in Warwickshire.
