East of England Co-op has approved a £1 million dividend share payout for members following its Annual Members’ Meeting (AMM), as the retailer celebrated a third consecutive year of profit growth.
The meeting, held at the retailer’s central support office in Wherstead Park on 21 May, brought together members both in person and online to review the society’s latest trading performance and future investment plans.
Earlier this month, the regional co-operative reported a £2 million trading profit “against the odds”, marking its third straight year of increased profits. The business said it planned to maintain momentum by focusing investment on areas where it sees the “greatest long-term impact”.
Members eligible for dividend payments will begin receiving their share by post from June.
This year’s AMM also featured a community and supplier showcase inside Wherstead Park’s historic mansion building, highlighting some of the local groups, charities and producers supported by the retailer.
Among the organisations attending were Project Apis, which uses beekeeping to support community wellbeing, and Colchester United Community Foundation, which is receiving support from the co-op for weekly wellbeing sessions aimed at older adults.
Members were also offered tastings from a number of local suppliers stocked by the retailer, including Tiptree jams and spreads, Honey Tye strawberries, Lane Farm cooked meats, Stokes Sauces products, and drinks from Aspall, Mauldons and Woodforde’s.
East of England Co-op president Mandy Errington said the £2m trading profit was “a fantastic achievement” and praised staff, members and communities for supporting the business.
“The energy and enthusiasm in the room, as members came together to celebrate our success and help shape the future of our co-op, was a powerful reminder of what makes member-owned organisations so special,” she said.
The meeting also confirmed the results of the election to the retailer’s board of directors. Sally Longmate and Mark Sargeantson were elected to the board, while Sally Chicken was re-elected for a further four-year term.