The Co-operative Group has announced new membership benefits which will hand more than £100m a year back to millions of members and communities.
The Co-op will reward members 5% for any purchases made of its own brand products and services, with a further 1% directly being used to benefit local causes. The group also confirmed plans to bring back its ‘divi’ share of profits to members.
It has also announced it will return to its iconic blue clover-leaf logo, which will be rolled-out across its entire business over the next few years.
The new membership benefits will be available to all members from autumn this year and by 2018 will amount to more than £100m a year going directly to members and communities.
Richard Pennycook, CEO of the Co-op, said: “Big business is often accused of taking money out of communities but we are putting it back in as we champion a better way of doing business for our members and their communities.
“Our intention is to return to paying a dividend again, but we also want to make the rewards for members who trade with the Co-op more meaningful and community focused. We’re already seeing good momentum across our businesses and this will drive further growth which our members and their communities will benefit from.”
Allan Leighton, chair of the Co-op, said: “We are on the verge of creating a new Co-op economy, one where the trade from our members clearly benefits them, their communities and our thousands of suppliers. Our brand identity, whether seen on a Fairtrade bottle of wine, on a funeral home fascia or on our insurance website, will signify a better way of doing business. “