THE boards of the Co-operative Group and United Co-operatives have agreed to recommend to their members that approval be given to a merger of the two societies.
A joint statement issued by Co-operative Group Chair Bob Burlton and United President Bill Hoult said members' meetings to consider the recommendation will take place in April and May and, if approved, the new society is expected to come into being in late July.
The two boards have also announced that the new society's enlarged Trading Group would be headed by Peter Marks, currently Chief Executive of United Co-operatives, with David Anderson continuing as Chief Executive of Co-operative Financial Services, the Group's financial arm which embraces the Co-operative Bank and Co-operative Insurance.
Said Mr Burlton and Mr Hoult: "We are delighted that our two boards have given the green light to the merger.
"If approved by our members, it will be the most far reaching in the history of the Co-operative Movement in the UK, creating the world's largest consumer co-operative, with a turnover of more than £ 9bn."
Further coverage in the Co-operative News available from Tuesday February 20th.
In this article
- BILL HOULT
- Bob Burlton
- British co-operative movement
- chief executive
- Co-operative Financial Services
- Co-operatives UK
- Cooperative banking
- David Anderson
- Economy of the United Kingdom
- Peter Marks
- Social Issues
- The Co-operative Bank
- The Co-operative brand
- The Co-operative Group
- The Co-operative Insurance
- United Co-operatives