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I just hope, like most observers that NISA members see the light and make the right decision. The most important line to watch is that the Coop will also accommodate a net debt of £105m! They (NISA members) are not exactly flush with money to invest nor have they got suitors knocking on their doors to buy a mutual which has only just managed to turn around. Scale is also important as you can no longer survive in view of where the market is going. At the same time the mults are also getting aggressive in their convenience offer.

One of the biggest challenge ironically for the Coop will be, how you convince the membership in a mutual which holds dis-proportionate power in decision making for the company’s future. It’s a bit like running a shop by committees! Everyone seems to have the answer to its survival.

Arjan Mehr Londis Bracknell