Co-operative pays ?8.9m to members

If you, like me, are a member of the Co-operative Group, then you are in for a treat just in time for Christmas!

Continuing to display its growth in contrast to the economic downturn which is slowly killing off big-name businesses including MFI and Woolworths, the Co-operative is paying out ?8.9m to its members who have earned more than 200 points between January and June 2008 (myself not included, as I only became a member in September).

Half of the 2.1m members benefitting from the interim dividend, which is ?2m higher than last years’, have elected to donate at least the odd pence from their share of the profits to charity, totalling ?500,000 (I believe that, if we didn’t live in uncertain economic times, this impressive total would be higher).

Owing to the nature of the business, its profits are unaffected by those who would otherwhise be able to speculate on its success in the City, as Director of Marketing Patrick Allen explains:

Although we are not immune to the general economic downturn, it is worth remembering that as a co-operative organisation it is our members who benefit from our financial achievements, and no faceless city traders can speculate on our business.

Earlier this week, I revealed how the Co-operative is splashing out ?10m on advertising over the Christmas period, backed by the excellent Gabriella Cilmi and her rendition of Warm this Winter.