Co-operative firms in merger discussions.
Two cooperative brands have declared that they are in “advanced discussions” about a potential merger.
The Midcounties Co-operative and Central Co-op said the merger will result in a new society with almost 500 food stores, 170 funeral homes, 70 travel agencies, and nearly 50 nurseries.
They would have “the scale and resilience to deliver greater value for its members, colleagues, customers, and communities,” according to executives.
Discussions regarding closer links had been ongoing for several months, they said on Wednesday. The boards of both firms intended to invite its members to consider ideas in the coming weeks, they said.
The combined company would have over one million members, 13,000 staff, £1.8 billion in annual sales, and over 500 investment properties in the UK.
‘Lasting and positive impact’
“As co-operators, we know that by working together, we can achieve more for our members, colleagues, and communities,” said Elaine Dean, president of Central Co-operative, based in Staffordshire.
“By combining our strengths, we can create a co-operative society that is more influential, more resilient and more ambitious, while helping ensure that the co-operative movement continues to grow and inspire.” Irene Kirkman, president of Warwickshire’s Midcounties Co-operative, said the two companies shared ideals and a strong history.
“Together we can lead the way in showing how co-operation can create a lasting and positive impact in the UK,” according to her.
She noted that the two co-operatives were committed to being independent and totally member-owned. Members of both societies will be consulted on the suggestions and given the opportunity to vote on any plans put forth.
The announcement follows the recent merger of Chelmsford Star Co-operative and Central Co-op.
Read more on Straightwinfortoday.com
Comments are closed, but trackbacks and pingbacks are open.