Overcast

Overcast

max temp: 19°C

min temp: 15°C

ESTD 1874 Search

East Anglia: Dividend windfall for East of England Co-op members

16:58 19 May 2014

Casting votes at the AGM

Casting votes at the AGM

Archant

More than 170,000 members of the East of England Co-operative can look forward to a share of a £3.5million dividend payment this June.

shares
Newly-elected East of England Co-op board member Belinda Bulsing with society president John PendleAGMNewly-elected East of England Co-op board member Belinda Bulsing with society president John PendleAGM

The dividend was approved at the society’s annual general meeting, held at Wherstead Park, Ipswich on Saturday, following a recommendation from the independent retailer’s board.

President John Pendle chaired the meeting and reported on the society’s performance during 2013-14. Members heard that the business, which has 200 trading outlets across the region, achieved a 17% rise in pre-tax profit, climbing from £2.2m to £2.8m.

The society, a member of the EADT/EDP Top100 listing of the 100 largest businesses in Suffolk and Norfolk, saw turnover rise by 2% from £335m to £342m, despite tough trading conditions.

Doug Field, executive officer – finance and technology for the East of England Co-op, said: “We believe that being local and independent is a key strength and we are delighted to once again be able to give something back to our loyal members in the form of a dividend.

Questions from the floor at the East of England Co-op AGMQuestions from the floor at the East of England Co-op AGM

“A strong balance sheet, no borrowing, consumer confidence, a focus on customer service, and continued promotion of our independence are all factors that put us in a strong position to continue to build our society.”

The retailer’s Sourced Locally range, petrol forecourts, funeral, travel and the distribution centre all saw an increase in business. The year was also good for the investment property portfolio which saw an increase in turnover and profits as well as a £6m investment in new properties.

Following the AGM, members joined visitors in the grounds of Wherstead Park to enjoy a family fun event with live music from the Harwich Brass Band, a petting farm and activities for children. There was also an array of food and drink from suppliers in the national award winning Sourced Locally programme. Now working with over 130 local suppliers from across Norfolk, Suffolk and Essex, Sourced Locally sales grew last year by 30% generating sales over £13m – making it a key element of the East of England Co-op’s business.

The AGM also included a members’ vote for the election of board directors. This year saw 12 candidates standing for four available places on the board. Belinda Bulsing was elected as a new board member with Graham Bober, Clive Mann and Beverley Perkins all re-elected.

Members who are eligible for a dividend will receive their payment in the post by June.

The East of England Co-op’s Annual Report 2014 is available online at eastofengland.coop

shares
Ashley Gogan, Bedford Lodge

A four-star hotel in Newmarket has appointed a new face to head up its conference and events service.

Sheepen Place office development scheme at night - artist's impression

Proposals have been submitted for two new office buildings planned for central Colchester.

Greene King chief executive Rooney Anand, left, shaking hands with Mike Tye, chief executive of the Spirit Pub Company, outside Spirit's headquarters in Burton uponTrent following the sale deal.

Jobs are at risk at Greene King following a major acquisition earlier this year.

EDF workers are unhappy over pay.

Hundreds of workers at energy giant EDF are to stage a 24-hour strike in a row over pay.

Amos Smith who is launching a new yoghurt called Mossy's from a secret family recipe.

A popular yogurt made to a secret family recipe has been revived by a young food entrepreneur.

Land next to Burger King is for sale

Tesco, Mothercare and Toys R Us could soon have a new neighbour at Copdock Mill

A city worker looks at a stock ticker screen at the London Stock Exchange in the City of London.

Volatile stock market conditions took their toll again today as the FTSE 100 Index plunged after sharp gains in the previous session.

The Director General of the British Chambers of Commerce, John Longworth, has met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region.

The Director General of the British Chambers of Commerce, John Longworth, met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region last week.

Sainsbury's supermarket was only one of Britain's big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda.

Sainsbury’s was the only one of Britain’s big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda, according to latest industry data.

Family law expert Georgina Hall, now a partner at Prettys

East Anglia law firm Prettys, which has offices in Ipswich and Chelmsford, has announced the promotion of family law expert Georgina Hall to partner, bringing the total number of partners in the firm to 10.

Most read

Most commented

Topic pages