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Two co-operative brands have announced they are “advanced discussions” over a possible merger.<\/p>\n
The Midcounties Co-operative and Central Co-op said the merger would create a new society with more than 500 food stores, 170 funeral homes, 70 travel agencies and almost 50 nurseries. <\/p>\n
The two groups are headquartered in the West Midlands and operate stores in similar areas across the Midlands, Gloucestershire, Oxfordshire and beyond.<\/p>\n
Discussions about closer ties had been taking place for a number of months, bosses said on Wednesday.<\/p>\n<\/div>\n
They added that the merged group would have “the scale and resilience to deliver greater value for its members, colleagues, customers and communities”.<\/p>\n
The boards of the both planned to ask their members to consider proposals in the coming weeks, they added.<\/p>\n
The combined society would have more than one million members as well as 13,000 employees, \u00a31.8bn in annual sales, and more than 500 investment properties across the UK.<\/p>\n<\/div>\n
“As co-operators, we know that by working together, we can achieve more for our members, colleagues and communities,” said Elaine Dean, president of Central Co-op, which is headquartered in Staffordshire.<\/p>\n
“By combining our strengths, we can create a co-operative society that is more influential, more resilient and more ambitious, while helping ensure that the co-operative movement continues to grow and inspire.”<\/p>\n
Irene Kirkman, president of Warwickshire-based Midcounties Co-operative, said the two firms had shared values and a rich heritage.<\/p>\n
“Together we can lead the way in showing how co-operation can create a lasting and positive impact in the UK,” she said.<\/p>\n
She added the two co-operatives had a commitment to remaining independent and fully member-owned.<\/p>\n
Members of both societies will be consulted on the proposals, and will be able to vote on any plans that are put forward.<\/p>\n
The announcement follows the recent transfer of Chelmsford Star Co-operative into Central Co-op.<\/p>\n<\/div>\n