21st January 2009
CO-OP RESURGENCE WELCOMED BY LABOUR CANDIDATE
Whilst many firms in the financial services and retailing sectors are having a tough time, a North Wales Labour Parliamentary Candidate has applauded the Co-op’s continuing and robust growth.
Donna Hutton, Candidate for Clwyd West (Colwyn Bay, Abergele, Towyn and Ruthin) said:
“Today's [21/01/09] announcement that the Co-op's Financial Services business and Britannia Building Society are to merge is tremendous news for the public. Although this possibility has been around for a little while, such a merger would need a change in the law. But I am delighted the decision has definitely been made to ‘go for it’!
“I think it is fantastic news for the public in North Wales – until now, the nearest Co-op Bank branch has been in Chester, now we will see them in North Wales.
“With nine million customers and assets of over £70 billion, people will now have a real, ethical alternative to the banks we have seen acting so irresponsibly. The Co-op only ever lends money it receives in deposits, and has had nothing to do with the gambling feast and shady dealings of most other banks.
“News of the financial services merger comes hard on the heels of the Somerfield acquisition by the Co-op, so we will see more Co-op stores such as in Pensarn, Abergele. There is also a string of new garages, with one in Old Colwyn.
“Added to all this was the Christmas trading statement that showed Co-op Food like-for-like sales were up 6% over Christmas, whilst even Tesco had their worst Christmas for years.
“Anyone can join the Co-op for £1 and have a say about how it is run. With no shareholders, the more you trade with them the bigger your Co-op ‘divvy’. All parts of the Co-op trade ethically, not just heaping up the biggest profits for shareholders, no matter what cost to people, the environment or animals.
“So in these hard times for some businesses, it speaks volumes that people are turning to the Co-op and the Co-op is surging ahead, increasing in size and influence.”
ENDS.