Coop announces annual dividend payment of over £7.5m

Friday 20 May 2022

Members of the Channel Islands Co-operative Society Limited will receive a share of £7.6m. after the society an annual turnover of over £180m. last year.

The Coop has also donated more than £300,000 to 189 Channel Island projects, which includes £50,000 from its new community fund. The organisation has said the annual figures “highlight the important of purpose and people over profit”.

Pictured: £7.6m being returned to Members comprises of £5.5m in dividend, and £2.1m in interest generated on A and B Share accounts.

It was decided at the Annual Meetings of Members (AMM) earlier this week that members will also be given 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 are redeemable until 31 December.

Channel Island Coop Chief Executive Officer, Mark Cox, said it was important to the group to support islanders. 

“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,” he said.

“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.”

Pictured: The Channel Island Coop has donated to food banks in both Jersey and Guernsey. 

At the AMM, the Society highlighted how it has continued to support local suppliers, with nearly £10m. 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 and Jennifer Bridge in Jersey.

Mr Cox continued: “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. 

 “This is why we continued to support the Kirch Welfare voucher for elderly shoppers, donated hundreds of hand sanitisers and digital thermometers to care homes in our community to help keep them safe and funded a breakfast club to ensure children are not hungry when they go to school.

 “We are continuously donating to our islands' 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.” 

Further information can be found HERE