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Co-ops defy downturn
BUSINESS is booming at the Co-op. UK Co-operative businesses, which include the former Leeds Co-operative Society and others in the region, have pushed up their turnover.
The UK's 4,820 jointly owned, democratically controlled co-operative businesses reported a combined performance of 28.9bn, 5 per cent up on the previous year.
Profit before tax improved marginally at 539.8m and the net profit was 506m. Like for like turnover grew by almost 1 per cent to 12.97bn.
The number of co-operative members – the consumers who own the co-operatives – rose 4.5 per cent to 11.3 million people. Co-operatives now employ more than 200,000 people.
As well as the shops, the businesses include, agricultural co-operatives, housing co-operatives,credit unions and community owned mutuals.
The figures were presented by Ben Reid, chairman of Co-operativesUK.
He said: "Despite the economic recession, co-operative businesses have maintained their momentum of recent years and continue to grow and prosper.
"Perhaps it is because a large part of the co-operative movement's economic strength lies in retailing that we are able to report ongoing growth in the co-operative economy.
"The Co operative Group's acquisition of supermarket group Somerfield creates a powerful fifth player to challenge Britain's big four and maintain co-operative food retailing's position as the country's biggest convenience food retailer. Many other consumer-owned co operatives have also posted exceptional, if not record, performance in the past year."
Dame Pauline Green, chief executive of Co-operativesUK, said: "Behind every pound of turnover there lies a story of individuals working in a co-operative and collaborative way. Whether that is to provide affordable credit to members in a credit union or workers coming together to follow a common agenda of creating meaningful employment, co-operation is the business model of choice.
"Co-operatives are run by people, for people, and our renaissance demonstrates that working together is as strong an economic and personal motivator as it has always been."
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Wednesday 23 May 2012
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