Len Wardle, Chair of the Group, told the society’s half-yearly meeting in Manchester today that due to the fact the Group had not made a profit this year, following challenges within the Bank, it will not be issuing a dividend.
But, said the Group Chair, members will receive some form of recognition in place of the normal dividend voucher in the run-up to Christmas shopping. When members spend more than £5 they will get a ten per cent rebate in the form of a till receipt voucher, which can be used on future shops.
Said Mr Wardle: “We still want to make sure we give some recognition to the loyalty that our members show. The offer is simple and designed to help our members.
“But, I want to be crystal clear, this is not the end of dividend, we must remember the way in which members have earned financial reward has changed over the years.”
He added: “Sharing profits from our promotional success is fundamental to our benefits. What exactly our offering will look like in the future is part of our overall strategy work looking at the future direction of the Group to ensure long term survival.”