THE Midcounties Co-operative has unveiled a record boost in its fortunes.
Overall profits at the organisation, which has its head office in Botley Road, Oxford, rose by 35 per cent to £16.2m for the year to January 24 with food sales alone rising by more than seven per cent and turnover up by more than five per cent to £748m.
Chief Executive Ben Reid put the encouraging figures down to the success of the co-operative model. He said: “We aspire to trade profitably and ethically, to support our local communities and overseas Fairtrade suppliers and return a share of our profits to our members.”
Midcounties is the second largest independent co-operative society in the UK. There are now 300,000 members, up by 50,000 during the year — double the 2007 figure. A total of 103,000 members are based in Oxfordshire.
Mr Reid admitted this year would present “real challenges” but said the organisation was well placed to meet them. During the year Midcounties returned more than £158,000 of its profits to community projects and staff.
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