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East Anglia: Dividend windfall for East of England Co-op members

16:58 19 May 2014

Casting votes at the AGM

Casting votes at the AGM

Archant

More than 170,000 members of the East of England Co-operative can look forward to a share of a £3.5million dividend payment this June.

Newly-elected East of England Co-op board member Belinda Bulsing with society president John PendleAGMNewly-elected East of England Co-op board member Belinda Bulsing with society president John PendleAGM

The dividend was approved at the society’s annual general meeting, held at Wherstead Park, Ipswich on Saturday, following a recommendation from the independent retailer’s board.

President John Pendle chaired the meeting and reported on the society’s performance during 2013-14. Members heard that the business, which has 200 trading outlets across the region, achieved a 17% rise in pre-tax profit, climbing from £2.2m to £2.8m.

The society, a member of the EADT/EDP Top100 listing of the 100 largest businesses in Suffolk and Norfolk, saw turnover rise by 2% from £335m to £342m, despite tough trading conditions.

Doug Field, executive officer – finance and technology for the East of England Co-op, said: “We believe that being local and independent is a key strength and we are delighted to once again be able to give something back to our loyal members in the form of a dividend.

Questions from the floor at the East of England Co-op AGMQuestions from the floor at the East of England Co-op AGM

“A strong balance sheet, no borrowing, consumer confidence, a focus on customer service, and continued promotion of our independence are all factors that put us in a strong position to continue to build our society.”

The retailer’s Sourced Locally range, petrol forecourts, funeral, travel and the distribution centre all saw an increase in business. The year was also good for the investment property portfolio which saw an increase in turnover and profits as well as a £6m investment in new properties.

Following the AGM, members joined visitors in the grounds of Wherstead Park to enjoy a family fun event with live music from the Harwich Brass Band, a petting farm and activities for children. There was also an array of food and drink from suppliers in the national award winning Sourced Locally programme. Now working with over 130 local suppliers from across Norfolk, Suffolk and Essex, Sourced Locally sales grew last year by 30% generating sales over £13m – making it a key element of the East of England Co-op’s business.

The AGM also included a members’ vote for the election of board directors. This year saw 12 candidates standing for four available places on the board. Belinda Bulsing was elected as a new board member with Graham Bober, Clive Mann and Beverley Perkins all re-elected.

Members who are eligible for a dividend will receive their payment in the post by June.

The East of England Co-op’s Annual Report 2014 is available online at eastofengland.coop

Dancer Gary Avis. Photograph Simon Parker

Renowned Royal Ballet star Gary Avis has said that Suffolk-based theatre group Co-Op Juniors took him in as a bullied young boy and helped turn him into the man he is today.

Claire Blair who died from breast cancer in February 2014.

A pledge to provide “a lasting legacy” to a woman who provided inspiration and encouragement to women battling cancer after she outlived her prognosis by seven years has been launched by her best friend.

The region’s ambulance service is still desperately short of its target for responding to the most serious medical emergencies, it’s latest figures have shown.

Two people have been charged after an incident in Tannington.

People living in one of the most sparsely-populated areas of Suffolk have been told there was no danger to the general public after an incident which resulted in two police officers receiving minor injuries.

There could be a few puddles across the region tomorrow morning after a yellow weather warning was issued for the East of England.

A yellow weather warning has been issued for the East of England tomorrow.

Director Helen Wheatley and members of the UCS choir at rehearsals.

Singing out for a very good cause in Ipswich

An East Anglian Air Ambulance and a land ambulance at the park in Dumbarton Road in Ipswich on Bank Holiday Monday morning.

A man is in hospital after being found unconscious in Ipswich this morning.

Classic car event on the seafront at Aldeburgh. Frank Cox next to a 1964 Hillman Super Minx.

More than 50 classic vehicles were on display along the Aldeburgh seafront today.

Former Blues and England skipper Terry Butcher opens Bawdsey village fete and dog show.

Ipswich Town legend Terry Butcher was on hand to open a village fete in Suffolk yesterday.

Jasmine Nicholls (left) and Klaudia Sokolowska

Two teenage girls from the Lowestoft area have been reported missing to the police.

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