Co-op Loan Fund

Co-op Midcounties

Co-op Loan Fund was set up to strengthen the size and scope of the co-operative sector through the provision of ethical, accessible loan finance. It is funded and run by co-operatives with the specific aim of helping other co-operatives – a practical example of the principle of co-operation among co-operatives.

Co-op Midcounties has been involved in Co-op Loan Fund ever since the fund was set up in 2002. It was not called Midcounties back then. The name was first used in 2005 following the merger of Oxford, Swindon & Gloucester Co-op with West Midlands Co-op. Both societies had been instrumental in the setting up of Co-op Loan Fund.

Co-op Midcounties can trace its roots back to 1853 when the Swindon Co-operative Society was established. Soon afterwards co-op societies were started in Gloucester, Walsall, Chipping Norton, Oxford and Cinderford. There were dozens of co-op societies in the west midlands by the end of the nineteenth century. Slowly these societies began to merge and by the end of the twentieth century there were only two: Oxford, Swindon & Gloucester Co-op and West Midlands Co-op.

Nowadays Co-op Midcounties operates a range of businesses in Food, Travel, Healthcare, Funeral, Childcare, Utilities, Post Offices and Flexible Benefits. Its heartlands are in Oxfordshire, Gloucestershire, Buckinghamshire, Shropshire, Staffordshire, the West Midlands, Wiltshire and Worcestershire. However, its Utilities, Childcare, Travel, Telecoms and Flexible Benefits businesses trade across the UK.

The society is owned by its 700,000 members, one of whom is Peter Dubois who is also an employee who has worked in various departments over the last 20 years. In 2016 he was appointed Chief Financial Officer and he is ultimately responsible for all financial and commercial decision-making throughout all the society’s operations.

Peter volunteered to join the board of Co-op Loan Fund in 2014 when the previous Midcounties representative stood down. He said: “It’s good to be involved in an organisation that is helping co-operative enterprises develop. We can provide credit lines that groups of people might not be able to access from the mainstream.”

In 2016 Peter was elected as chairperson of the board and it is a role he enjoys. He said: “I think the board is well balanced. It has people who are very grounded in co-ops, some who are very creative and some who are cautious. It’s good to have a clear structured approach to debate and decision-making and this is where I can help as the chairperson.

“I believe that the co-op sector will become increasingly important to the UK economy. During difficult economic times people go back to things they can trust, and they can trust co-ops. We are going to see a growth in co-ops and the role of Co-op Loan Fund will be essential.”

Making a donation
Co-op Loan Fund would welcome donations from any co-operative that wants to support the work of the fund. Co-operatives that make donations of over £50,000 may appoint a representative to the board if they wish. Co-operatives making small donations will also benefit from publicity. If you wish to discuss making a donation please contact Ian Rothwell (ianr@coopfinance.coop or 023 8023 1123).

Chelmsford Star Co-operative

Co-op Loan Fund was set up to strengthen the size and scope of the co-operative sector through the provision of ethical, accessible loan finance. It is funded and run by co-operatives with the specific aim of helping other co-operatives – a practical example of the principle of co-operation among co-operatives.

Chelmsford Star Co-operative Society has been actively involved in Co-op Loan Fund since 2010. The society is one the few consumer co-ops that has retained its original name. It started, in Chelmsford, Essex, in 1867 and unusually has only had one merger in its history (in 1969 with Braintree Co-operative Society).

Nowadays Chelmsford Star Co-operative has 52 trading outlets in Essex, including two of only three co-operative department stores in the UK. Last year the society’s gross takings were £113m. It is owned by its 85,000 members, one of whom is Stephen Birmingham who was elected to the board of Chelmsford Star Co-operative in 2018.

Stephen is its representative on the board of Co-op Loan Fund. Now ‘semi-retired’, he brings a wealth of experience from a long time working in banking and insurance.

He said: “Coming from a career in commercial banking I wanted to get back involved with supporting local communities. I really believe that business has to be more ethical and we need to support the development of co-operative enterprises.

“I think now is the right time for co-ops to grow. People want a more responsible and supportive society and are disillusioned with the way the current way business operates. Co-operatives are the solution.”

Making a donation
Co-op Loan Fund would welcome donations from any co-operative that wants to support the work of the fund. Co-operatives that make donations of over £50,000 may appoint a representative to the board if they wish. Co-operatives making small donations will also benefit from publicity. If you wish to discuss making a donation please contact Ian Rothwell (ianr@coopfinance.coop or 023 8023 1123).

The Co-operative Group

Co-op Loan Fund was set up to strengthen the size and scope of the co-operative sector through the provision of ethical, accessible loan finance. It is funded and run by co-operatives with the specific aim of helping other co-operatives – a practical example of the principle of co-operation among co-operatives.

The Co-operative Group helped to establish Co-op Loan Fund in 2002 and has been actively involved ever since. The Co-operative Group, which trades as the Co-op, is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by over 4.5 million members in the UK, the Co-op operates 2,500 food stores and over 1,000 funeral homes, with more than 63,000 colleagues and an annual revenue of £9.5bn.

It has reached this pre-eminent position as a result of a long history of merger and acquisition. The Group incorporates the Rochdale Society of Equitable Pioneers, established in 1844 and considered to be the founders of the modern co-operative movement. It adopted the name The Co-operative Group in 2001 following the merger of the Co-operative Wholesale Society and the Co-operative Retail Society.

The Co-op has always played an active role in the management of Co-op Loan Fund. Since 2017 its representative on the board has been Ed Powell. Ed works as Co-operative Partnerships Manager in the Community & Shared Value Team.

“One fantastic thing about being on the board of Co-op Loan Fund is that it allows me to work directly with other co-ops doing something that is helping to drive the sector forward. The fund is supporting a diverse range of young co-ops that are developing new markets,” he said.

“The future of the co-op sector is looking good. There are new opportunities for collective working in the digital post-industrial environment. More and more people are becoming disenchanted with mainstream capitalism. They want businesses to be honest and open. Co-ops are the answer.”

Making a donation
Co-op Loan Fund would welcome donations from any co-operative that wants to support the work of the fund. Co-operatives that make donations of over £50,000 may appoint a representative to the board if they wish. Co-operatives making small donations will also benefit from publicity. If you wish to discuss making a donation please contact Ian Rothwell (ianr@coopfinance.coop or 023 8023 1123).

East of England Co-op

Co-op Loan Fund was set up to strengthen the size and scope of the co-operative sector through the provision of ethical, accessible loan finance. It is funded and run by co-operatives with the specific aim of helping other co-operatives – a practical example of the principle of co-operation among co-operatives.

East of England Co-operative Society has been actively involved in Co-op Loan Fund since 2008. The society can trace its roots back to 1861 when local people in Colchester came together to set up a shop selling quality food at affordable prices.

Nowadays East of England Co-op provides stores and services to towns and villages across 2,000 square miles in four counties – Norfolk, Suffolk, Essex and Cambridgeshire. It has over 120 food stores and 60 funeral branches. It is the largest independent retailer in the region and sources as much as it can from local suppliers. All of its electricity comes from renewable sources and it sends 100% of all waste food to be anaerobically digested. The society is owned by its 280,000 members, one of whom is John Cook who has been a director of East of England Co-op for seven years.

In 2017 John was appointed to the board of Co-op Loan Fund. He brings a wealth of financial and administrative experience to the voluntary role. He is secretary and election agent for Ipswich Labour Party and he has previously worked for a bank, HMRC and the Insolvency Service.

He said: “The fund does really useful work in making finance available to co-operative enterprises that might otherwise not get off the ground. We are much less risk-averse than banks and most other lenders. Because of the nature of many of the co-ops we deal with we are prepared to make unsecured loans.

“I think that one of the strengths of Co-op Loan Fund is that there are different societies involved from different parts of the country.”

Making a donation
Co-op Loan Fund would welcome donations from any co-operative that wants to support the work of the fund. Co-operatives that make donations of over £50,000 may appoint a representative to the board if they wish. Co-operatives making small donations will also benefit from publicity. If you wish to discuss making a donation please contact Ian Rothwell (ianr@coopfinance.coop or 023 8023 1123).