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Midcounties Co-op members receive record windfall
A holidaymaker who bought two world cruises from Co-op Travel has received a £727 windfall after Midcounties Co-operative opted to distribute a record £1.5 million of its profits to members and customers.
Midcounties’ members voted in favour of the move after seeing trading profit for the first half of the year increase £1.6 million to £11.8 million.
The Share of Profit payment was for transactions made between January 27 and July 27 and the payment of £727 to the holidaymaker, who was also a member of the society, was the largest single pay-out.
Midcounties CEO Ben Reid said: "What stands The Midcounties Co-operative apart from other businesses is that we only do three things with our profits – invest in the business, distribute them to our members and support local communities.
"This record level of distribution reflects the substantial growth we have achieved this year in reaching £1billion annual turnover, which has been achieved with the on-going support of our members and colleagues.
"We believe this is a timely reminder of one of the core values of a genuine co-operative – that it shares its profit with its members."
Midcounties trades in food retail, funeral,pharmacy, childcare nurseries, flexible benefits and energy as well as travel and runs a number of post offices.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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