Bosses at the Midcounties Co-operative are celebrating after racking up record profits.

Trading profit at the group which has its head office in Botley Road, Oxford, rose 19 per cent to £19.3m for the year to January 23.

Chief Executive Ben Reid said: “We believe the improved performance is directly related to the shift in the public’s view of organisations like co-operatives, whose business model is based on mutuality.

“Trust in so many organisations has been eroded over the last 12 months and there is a clear desire to support those which have not disappointed.”

Turnover of £787m was £39m more than the previous year with a 7.3 per cent upturn in the sales of food alone, while £2.1m has been distributed to members as a share of the profits.

The Society, which employs 8,500 people, 1,900 of them in the county, is the current holder of the Charity and Community Category of the Oxfordshire Business Awards sponsored by The Oxford Times.