Midcounties Co-operative staff share £1.5m

The Midcounties Co-operative has paid out £1.5 million to its employees and member following a surge in trading. 

The profit share, which is for transactions made between 27 January and 26 July 2013, comes after the retail organisation announced that trading was up by £1.6 million to £11.8 million for the first six months of the year.

Employees, who can become a member of the independent retail organisation, voted to distribute the bonus after the increase in profits.

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Ben Reid, chief executive officer of The Midcounties Co-operative, said: “What stands The Midcounties Co-operative apart from other organisations is that we only do three things with our profits: invest in the business, distribute them to our members and support local communities.

“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.”