Lower Coop "divvy" payments proposed for a second year

The Coop wants to offer its Members lower “divvy” payments for a second year running.

Last year, many Islanders expressed their disappointment and anger when the 4% dividend payments that Members had traditionally received were halved to 2%.

But despite the backlash, the Board of the Channel Islands Coop has recommended continuing with the halved dividend of 2% this year, subject to Member approval at the Annual Members’ Meeting in May.

When the local retailer first wrote to Members last year to announce a proposition allowing its board to decide whether dividend rates should be reduced or removed, long queues of customers queued at the Coop’s Grande Marche store to withdraw their previous dividend funds from their accounts.

The move followed a net loss of £1.8 million in 2023, which the Coop blamed on ‘difficult trading conditions’. However, in its 2025 Annual Report, the Coop say that its latest accounts show improvements, with turnover increasing and a net profit of £800,000 in 2024.

If Coop Members approve the 2% dividend payout for a second year, they will be able to withdraw their dividend from Thursday, 22 May.

Coop Chief Executive Mark Cox said: "Our primary focus last year was to strengthen our financial performance so we could continue rewarding our loyal Members while delivering long-term value.

"Immediate rewards through member pricing have resonated strongly, delivering more than £1 million in savings since its launch in October."

The Annual Meeting of Members (AMM) will take place on Tuesday, 20 May at Pomme d'Or Hotel at 6.30pm. Those attending will be asked to vote on the dividend payment, as long as they have been signed up to the scheme for at least six months.