THE Midcounties Co-operative, which operates throughout Worcestershire and is the UK’s largest independent co-operative society, achieved a record 24 per cent increase in gross sales to £1.167billion in the year ended January 25, 2014. The figure for the previous 12 months was £943m. Operating profit was also up 21 per cent. As a result, the society has announced plans to make more than £6m in share-of-profit payments to its members and colleagues.
Chief executive Ben Reid said: "These excellent trading results demonstrate the Co-operative business model really works. As part of our co-operative approach we will be returning a share of our profits to the members and colleagues who have directly contributed to the success of the Society.”
The Midcounties Co-operative is the first independent co-operative to achieve annual sales in excess of £1billion. The Society achieved sales growth across all of its businesses, which include food, energy, funeral, pharmacy, travel and childcare, during a year of restrained consumer spending and fierce high street and online competition.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article