Co-operative lender celebrates 40th AGM

There was plenty to celebrate at Co-operative and Community Finance’s 40th AGM, held as part of Co-operative Congress 2013.

Co-operative and Community Finance held its 40th annual general meeting as part of Congress.

Introducing the company’s financial statements, Alain Demontoux, Operations and FCA Compliance Manager for CCF, told delegates that bad debts in 2012 were just £443, compared to £69,041 the previous year. This, he said, was testament to the resilience of its clients and the hard work of the people behind these businesses.

In celebrating the organisation's 40th anniversary, Mr Demontoux said the team was heading for a record year in 2013. Lending, he reported, was at £817,000 for the first half of the year, eclipsing the £775,000 lent out throughout the whole of 2012. “We’ve never been busier,” he said. “There’s never been such a high demand for our services.”

Turnover increased by 20 per cent in 2012 compared to 2011, and operating profit was £34,000. The company has come a long way since it’s first loan of £5,000 in 1973, said Mr Demontoux.

As part of its 40th birthday celebrations, Alpha Communications, the Newcastle-based PR co-operative which represents CCF, has spoken to 40 of the co-operatives and community organisations CCF has helped. Read their stories here.

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