| Make foodmate.com your Homepage | Wap | Archiver
Advanced Top
Search Promotion
Search Promotion
Post New Products
Post New Products
Business Center
Business Center
 
Current Position:Home » News » Marketing & Retail » Retail » Topic

Co-op replaces half year dividend payment with food vouchers

Zoom in font  Zoom out font Published: 2013-11-12  Views: 20
Core Tip: The Co-operative Group will scrap dividend payments to its 7.6 million members to help pay for a £1.5 billion rescue of its banking division.
The Co-operativCo-operative Group e Group will scrap dividend payments to its 7.6 million members to help pay for a £1.5 billion rescue of its banking division.

The decision is part of a review of Britain's biggest customer-owned business - which also runs supermarkets, travel agencies and funeral services - by new Chief Executive Euan Sutherland, and could lead to more businesses being sold.

The Co-op has announced details of a separate rewards scheme that will see members offered 10% vouchers that can be saved and used as a cash equivalent in the group's 2,800 food stores before Christmas Eve.

If a Co-operative member spends £30 they will be given a voucher worth £3. Vouchers can be collected between 18 November and 15 December.

Sutherland said: "Technology now allows us to offer these more immediate rewards, which we are confident our members will appreciate in the run-up to festive period."

The Co-op bank's rescue plan announced last week will see around 50 branches close and bond investors including US hedge funds given 70% of the business, leaving the parent Co-operative Group with a 30% stake.

 
 
[ News search ]  [ ]  [ Notify friends ]  [ Print ]  [ Close ]

 
 
0 in all [view all]  Related Comments

 
Hot Graphics
Hot News
Hot Topics
 
 
Powered by Global FoodMate