Members set to share £3 million East of England Co-op Dividend
Over 150,000 members of the East of England Co-op can look forward to a share of a £3 million dividend payment this year.
The dividend was approved at the Co-op’s Annual Members’ Meeting, held at Wherstead Park on Saturday 13 May, following a recommendation from the independent retailer’s Board of Directors.
Sally Chicken, chaired the meeting as Society President and reported on the independent retailer’s performance during 2016/17. Members heard of impressive sales and trading profit growth. Sales were up £9.2 million whilst underlying trading profit increased by 17.0% to £4.4 million.
Minnie Moll, Joint Chief Executive of the East of England Co-op said: “We’re delighted to be sharing a good dividend again this year. Since 2010 we’ve been able to give back 2p for every qualifying £1 spent by our members. This year we’ve seen a strong business result, particularly in our food stores despite challenging market conditions.”
At the Annual Members’ Meeting this year, members were invited to take part in two of four interactive workshops, each providing an insight into different areas of the member owned business. The workshops provided the opportunity to meet some of the producers behind the award winning Sourced Locally initiative, learn about the power of a Co-op Cuppa, hear more about business performance and meet some of the nationally acclaimed theatre company Co-op Juniors, supported by the East of England Co-op for over 70 years. Members also enjoyed a free Sourced Locally lunch.
The meeting also included the results of the vote for the election of Board Directors. This year saw nine candidates standing for five available places on the board. Judi Newman, Fiona Powell and Richard Youngs were appointed as new directors: Existing Co-op Directors John Cook and Chris Newbury won re-election to the board. Later this month, the Board of Directors will come together and vote on who will take the role of Society President.
Sally is taking time out from the Board to spend more time with her family but is continuing her credit union activity and helping to lead the Shotley Pier restoration project.
Sally Chicken was elected a Director of the Society in May 2009, bringing with her over 20 years’ experience of setting up and developing credit unions as well as valuable retail employment experience.
The East of England Co-op will also be saying a fond farewell to Colin Barrett, Vice President on the Board of Directors, after 23 years’ service.
Members who are eligible for a dividend will receive their payment by post starting this month. The East of England Co-op’s Annual Report 2017 is available online at www.eastofengland.coop/annualresults