The Channel Islands Co-operative Society Limited, has posted trading results that show how the community retailer has continued to support local communities, charities, and colleagues.
At the Annual Meeting of Members (AMM) which was held on 17th and 18th May 2022, the Society announced the confirmation of 2021 dividend payments which have been approved and will be made. The Coop will also be rewarding loyal members with an extra 10% dividend if they withdraw their dividend out as Coop vouchers. The vouchers can be taken out via Member Relation counters in selected Coop stores and will be redeemable until 31st December 2022.
At the AMM, the Society highlighted how it has continued to support local suppliers, with around £9.9 million spent with a total of 58 local suppliers over the last financial year. The meeting also marked the first ever Guernsey/Jersey hybrid AMM and was a key opportunity for the retailer to reinforce its unique business model and what it stands for. The AMM events saw the election of two Directors to the Coop’s Board; Jill Clark in Guernsey (elected unopposed), and newly-appointed Director, Jennifer Bridge in Jersey who was confirmed as winning the Member vote.
Charitable giving remains the cornerstone of the Coop, with 189 local projects being supported across Jersey and Guernsey. A total of £312,000 was donated to charitable organisations, including £50k from the Coop’s new Community Fund.
The retailer reported an annual turnover for 2021 of £181.6 million. From this, Members will receive a share of £7.6 million*1. These figures highlight the importance of purpose, and indeed people over profit, further stats reveal the local employer has a total of 1,118 colleagues, with 94% stating they are happy to work for the Society.
Mark Cox (pictured), Chief Executive Officer at the Channel Islands Coop, said: “As the Channel Island’s largest locally owned grocery retailer our mission is to make a real difference to the communities we serve, this has never been more pertinent. From the first days of the pandemic, early in 2020 and
throughout 2021 we recognised the responsibility we had to keep islanders fed through our food stores and online, to provide essential medication through our pharmacies and to support the bereaved through especially difficult times.
“As a community retailer it’s important that we bring light to current issues, such as support for the elderly, provision of school meals, the need for food banks and nurture of our environment.”
Mark added: “It’s why we continued to support the Kirch Welfare voucher for elderly shoppers. Why we donated hundreds of hand sanitisers and digital thermometers to care homes in our community to help keep them safe. Why we funded a breakfast club to ensure children are not
£7.6 Million being returned to Members comprises of £5.5m in dividend, and £2.1m in interest generated on A and B Share accounts hungry when they go to school. And, why we are continuously donating to our island’s food banks, recognising the need for this resource is greater than ever.
“Community really is at the heart of what we do. It is what drives our vision to make a real difference every day in our islands and will continue to do so for as long as we serve our islands.”
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*£7.6 Million being returned to Members comprises of £5.5m in dividend, and £2.1m in interest generated on A and B Share accounts.