Cash windfall for Co-op group members

8:37am Monday 3rd December 2007

MEMBERS of The Co-operative group across the region will share a bonus of £290,000 this Christmas.

The dividend payment for members in County Durham, Cleveland and North Yorkshire is based on members' trade with the group's businesses during the first six months of the year.

The Co-operative membership scheme allows members to receive a share of profits based on products and services they have bought from its businesses including food retail, travel, pharmacy and funeral outlets, as well as the Co-operative Bank and Cooperative Insurance.

Becoming a member costs £1, with members earning points on how much they spend.

These are then converted into a share of the profits with payments being made twice a year, in June and December.

A total of £16,300 will also go to community projects in the region as a result of the group's members deciding to donate all or part of their payment to worthy causes.

The Co-operative's regional chief officer in the North-East, David Mockford, said: "The Co-operative group's interim operating profit, before significant items and exceptional weather events, increased by 15.1 per cent and if, as we expect, that upward trend continues we hope to declare a greater share of profits payment next time round."