Colchester’s bumper ‘divi’

COLCHESTER and East Essex Society are to hand out a massive &#163 1.4 million in dividend payments, with two individual members receiving over &#163 500 each. The payouts...

COLCHESTER and East Essex Society are to hand out a massive &#163 1.4 million in dividend payments, with two individual members receiving over &#163 500 each.

The payouts were agreed at the recent annual general meeting after members heard that the society&#039s trading profit rose by 21 per cent to &#163 8.5 million with turnover up to &#163 165 million.

Chief Executive Chris Blanchett commented: `We are delighted with this result given the challenging trading conditions of last year. It demonstrates that it is possible to combine the values and principles of being a co-op with commercial success.

`The Members&#039 Dividend payout comfortably exceeds national retailers store cards.`

Mr Blanchett added that the society is committed to spending another &#163 7.5 million on store improvements, expansions and acquisitions during 2003.

In this article


Join the Conversation