Members of The Midcounties Co-operative are among those set to receive a share of more than £1.6m as the Society announces its largest share of profits payments to date.
The payments follow the Society’s record 24% increase in gross sales to £1.167bn (2012/13: £943m) in the year ended 25 January 2014, and were confirmed following a members’ vote at its AGM in May.
Underpinning The Midcounties Co-operative’s continued commitment to sharing its profits with its members, one of its core values as a co-operative business, a total of 191,760 members will receive a payment.
Awarded to those who gained points after making purchases at the Society’s trading groups between 27th July 2013 and 25 January 2014, payments amount to a total of £1,609,539.
This brings the total distributed to members for the year to £3.2m. The Society is also distributing a further £3.6m to community groups and other Co-operatives, bringing the total distributed to £6.8m, some 41.5% of its adjusted trading profit.
Ben Reid, CEO at The Midcounties Co-operative, 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.”