Lothian, Borders & Angus Co-operative Society
 | |
| Company type | Consumer co-operative |
|---|---|
| Industry | Retail Pharmacy Funerals Post offices Filling stations |
| Founded | 1839 (or earlier) |
| Headquarters | Galashiels |
Area served | Scotland |
Key people | I.F.B. Hewat, President[1] Bob Jamieson, Chief Executive[2] |
| Revenue |  £122 million (2008)[3] |
| £4 million (2008)[3] | |
| £3.5 million (2008)[3] | |
| Members |  65,074 (2008)[3] |
Number of employees | 1,234 (2008)[4] |
| Website | www.lothianco-op.co.uk |
Lothian, Borders & Angus Co-operative Society Limited (Lothian Co-op), founded in 1839 in the Scottish Borders, is the oldest consumer co-operative in Scotland. It operates over 50 food stores in the south and east, as well as some other retail businesses, and funeral services. Lothian Co-op is owned by 65,000 consumer members on a one member one vote basis.
On the 19 August 2008, the Board of the Society agreed to propose the transfer for the Society's engagements to the much larger Co-operative Group.[5] The proposed transfer will be considered by Lothian Borders & Angus members at a series of meetings in the autumn and only with a majority of the membership in favour of the proposal will the transfer go ahead.
History
Lothian Co-op is the direct successor of nineteenth and early twentieth century consumer co-operatives in its trading area, the oldest being in the border towns of Galashiels and Hawick. The Galashiels co-operative was formed by a mill workers' association that was already operating along similar lines. The Hawick and Galashiels co-operatives were incorporated in 1839, five years before the Rochdale Pioneers shop opened in England. Therefore Lothian Co-op is probably the oldest continuously trading consumer co-operative in Scotland.[5][6][7]
Through 1991, the Galashiels co-operative expanded through mergers to serve the Scottish Borders and Dumfries and Galloway regions. In 1992, Border Regional Co-operative Society merged with East Lothian Co-operative Society (based in Tranent), becoming Lothian and Borders Co-operative Society. In 1998, it absorbed East Angus Co-operative Society of Arbroath, taking its current name and structure.[8]
In the early 21st century, growth continued through new construction and acquisitions from other grocers. New construction included a supermarket in Castle Douglas, and purchases included a former SPAR store in North Berwick, a filling station in Lauder, and, notably, nine convenience stores sold by Somerfield in 2006, Lothian Co-op's first operation in Aberdeenshire.[4]
Operations
Lothian Co-op is a regional co-operative, formed by the gradual amalgamation of numerous local co-operatives. Operating 52 food stores in southern and eastern Scotland, as well as pharmacies, funeral services, post offices, petrol stations, and a furnishings store in Selkirk, it is the smaller of Scotland's two regional consumer co-operatives, the larger being Scotmid, and one of four altogether. Lothian Co-op is a member of The Co-operative Group, sourcing its food through a UK-wide buying programme called the Co-operative Retail Trading Group. Chief executive Bob Jamieson has served as a director of The Co-operative Group since 2005. Like most retail consumers' co-operatives in the UK, Lothian Co-op is incorporated as an Industrial and Provident Society, regulated by the Financial Services Authority.[5][9][10][11][8]
Ownership and governance
Lothian Co-op is owned by 65,000 consumer members, who have invested in equity shares, with share balances averaging £12 each, and earning 3% interest per year.[4] As of 2008, it does not pay a patronage dividend to members, though each year around £90,000 of profits is distributed to local causes as “Community Dividend Grants”, and taxable profit is re-invested in the business.[4] A voluntary president and board of directors are elected from among the members holding at least four shares, on a one member one vote basis; the board supervises the chief executive and management. Like many UK listed companies and co-operatives, the board has an audit sub-committee responsible for internal controls, following the 1999 Turnbull Report.[4]
References
- ^ "Directors". Lothian Co-op. Retrieved 2008-06-19.
- ^ "Executive". Lothian Co-op. Retrieved 2008-06-19.
- ^ a b c d "Financial Statement". Lothian Co-op. Retrieved 2008-06-21.
Year ended 26 January 2008
- ^ a b c d e "Directors' Report and Statement of Accounts Year ended 26 January 2008" (PDF). Lothian Co-op. Retrieved 2008-06-21.
- ^ a b c "Co-op Proposes Merger". Arbroath Herald. Retrieved 2008-06-22. Cite error: The named reference "tree" was defined multiple times with different content (see the help page).
- ^ "Co-operation". Rochdale Boroughwide Cultural Trust. Retrieved 2008-06-24.
In 1844 a group of twenty-eight men in Rochdale formed the Rochdale Equitable Pioneers Society.
- ^ Clydebank–1881 [1]; Scotmid–1859 [2]
- ^ a b "Mutuals Public Register, society number 2RS". Financial Services Authority. Retrieved 2008-06-21. (as of 2008)
- ^ "Branches". Lothian Co-op. Retrieved 2008-06-19.
- ^ As of 2008, smaller regional co-op in Scotland by number of shops (129 versus 52). Making up the four are Clydebank Co-operative Society and The Co-operative Group
- ^ "Our board". The Co-operative Group. Retrieved 2008-06-19.
External links
- History at Lothian Co-op website — including a family tree showing the foundations and mergers of all predecessor co-operatives
- Annual reports and financial statements
- Co-op unveils £5m store proposal — construction in Castle Douglas, BBC News
- Co-op Travelcare in Scottish move (2000)