Central Co-op’s Share of the Profits Distributes £550,000 to Members
Posted by sam bishop | Published: 27/06/2023
Central Co-op has revealed that it has shared out over £550,980 among 136,294 of its Members as a part of its ‘Share of the Profits’ distribution, which is one of the many benefits Members can enjoy at Central Co-op.
Twice a year Central Co-op pays a dividend to eligible Members of the Society based on how much they’ve shopped in stores in the previous 6 months. Share of the Profits is available to Members who have £1 or more in their share account and who have earned enough points within the qualifying period to receive a payout.
Since October 2022 Members have also enjoyed additional savings as a part of Central Co-op's Member pricing, which extended to over 100 items this year, ranging from everyday essentials including milk, eggs, and bread to cleaning products, toiletries, pet products, and more.
Overall, Members have saved over £2.6 million collectively from discounts with the Member pricing since it launched.
The continued support of Members also allows the Society to invest a proportion of the Society’s profits into important community projects through its Community Dividend Fund, which supports hundreds of local good causes each year, including charities and good causes supporting communities with access to food, health and wellbeing, inclusion and the environment.
This July will also mark a year of Our Malawi Partnership as well, supporting international co-operative development by selling a range of products linked to Malawi in support of producers and farmers. A proportion from the sale of these products supports the initiative and strengthen trading capacity in Malawi.
Other benefits available for Central Co-op Members include exclusive events and classes, ranging from history and film groups to dance classes, along with a say on how the Society is run as a part of democratic elections.
As a Co-operative Society, Central Co-op’s colleagues are all Members too, earning a share of the Society’s profits each year as part of their colleague rewards. £594,738 of dividend was shared between 6,900 colleagues earlier this month.
This Society remains committed to colleague wellbeing and offering rewarding careers for all of its employees. It is committed to their safety by investing in security measures; developing their skills, recently announcing a Debt-Free Degree program; and maintaining their physical and mental health and wellbeing through enhanced healthcare benefits launched this year.
About Central Co-op
Central Co-op is one of the largest independent retail co-operative societies in the UK, with a heritage stretching back over 175 years and interests in food, funeral, floral and property investment.
Owned by hundreds of thousands of members, its 7,700 colleagues serve customers across 440 plus trading sites in 21 counties in the East and West Midlands, Yorkshire, Suffolk, Norfolk, Bedfordshire, Cambridgeshire, Oxfordshire, Gloucestershire and Wiltshire.
Its purpose is to create a sustainable Society for all.
It actively campaigns for food justice and works with FareShare Midlands and a network of local food banks. It also adds £1 to every Healthy Start Voucher redeemed in store and supports six schools in partnership with Magic Breakfasts.
The Society embraces inclusivity and equality and is a signed-up member to the Business in the Community (BITC) Race at Work Charter. The Society is also a member of Diversity in Retail and it is fully committed to addressing the impacts of climate change by reducing carbon and food waste, increasing recycling and investment in community Sustainable Spaces funded by the carrier bag levy. It recently launched its Malawi Partnership to support farmers and producers in the country through the Co-operative International Trading Development Fund.
It invests a percentage of its trading profit into local communities through its Community Dividend Fund scheme which has seen over £109,769.25 shared out between 121 good causes in 2022.
Press office contact: Sam Bishop, PR Specialist