Sunday, 22 May 2016

Co-op Pays Back

The Co-operative has unveiled plans to bring back an annual payout for its millions of members.  The group suspended the dividend in 2014 when it posted huge losses.  As part of a major refresh, which also involves reviving its 1960s blue clover logo, the Co-op now plans to reintroduce the members' dividend by 2018. Before then, Co-op will hand back £100m a year in other benefits to its eight million members. Co-op chief executive Richard Pennycook said: "This is what the Co-op is all about. Big business is often accused of taking money out of communities - we are putting it back in as we champion a better way of doing business for our members and their communities. "Our intention is to return to paying a dividend again, but we also want to make the rewards for members who trade with the Co-op more meaningful and community focused." The Co-op has 3,750 outlets, including food stores and funeral homes, in the UK and annual sales of about £10bn.