Retailer breaks £300m sales for first time

Official opening of the new Lincolnshire Co-operative food store and post office in Old Leake, near Boston. ''Picture: Chris Vaughan/Chris Vaughan Photography
Official opening of the new Lincolnshire Co-operative food store and post office in Old Leake, near Boston. ''Picture: Chris Vaughan/Chris Vaughan Photography

Annual sales at community retailer Lincolnshire Co-op have broken £300m for the first time in the society’s 155-year history.

In the 2015/16 financial year, the business saw sales rise by £9m to £301m and trading surplus go up by four per cent to £20m, it announced on Wednesday.

It was a year in which it opened new multi-million pound food stores in Boston and Old Leake. In total, £18.8m was invested in developments during the year, with eight new outlets opening in total.

More than 260,000 members own Lincolnshire Co-op and receive a share of the profits in dividend. If the society has performed well, they also get a dividend bonus each year.

The positive trading result means members who go to the society’s annual meetings in November will be asked to approve a dividend bonus of 85p per £1 of dividend collected during the year. If given the go-ahead, members will share £1.6m in bonus on top of the £1.9m paid out during the year. It’s an average return of 3.1 per cent to each member on the value of their shopping.