It must have been tough at the top of the Channel Islands Coop this time last year.
Year-end accounts ending up in the red, leading to an announcement that it was possible that no dividend payout would be made to members, caused a shareholder revolt which almost certainly would have left society management and board taken aback.
Some went as far as closing their accounts – an odd move, but an indication of the depth of feeling and entitlement to get 4% back on their year’s shopping.
The Coop took the flack, listened, and responded. Initially it compromised on a 2% dividend payment.
Then to reach a position where 12 months later the bottom line was back in the black – a turnaround of more than £2.5m. – was a significant achievement.
2% dividend (this year representing a £2.8m. pay out) now seems here to stay, but in little more than six months the Coop has also effectively given back another £1m. through discounts on member pricing – giving members something little and often rather than waiting for one big pay out, especially if it was no longer ‘guaranteed’ as members appeared to believe.
Along with its support for local producers, and the community it serves, the Coop remains a success story not only for the islands, but also for the wider Coop group and the ongoing spirit of the cooperative movement.
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