At their recent half year meeting The Midcounties Co-operative members voted to distribute a record £1.5m of its profits to the members and customers of the Society. This was possible due to the Society delivering an increase of £1.6m in trading profit to £11.8m for the first six months of the year.
This share of profit payment is for transactions made between 27 January 2013 and 27 July 2013, and includes the largest single pay-out from the Society of £727.00 to a member who purchased two world cruises from Co-op Travel.
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.
“We believe this is 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.
“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.”