SCOTMID, Scotland's largest independent co-operative society, is to expand its presence in the north of England by merging with Cumbria-based Penrith Co-operative.
The merger will unite Scotmid's 350 outlets in Scotland, Northern Ireland and the north of England, with Penrith's nine retail outlets and post offices across Cumbria and County Durham. Although the transaction has been presented as a merger, Scotmid is the bigger player.
Scotmid's latest accounts show the Newbridge-based society, which employs around 5000 staff, made an operating profit of £6 million on turnover of £428m for the year ended January 26, 2013. This contrasted with profits of £6.5m the year in 2011, with the co-operative noting the intensity of competition in the convenience retailing market.
Turnover at Penrith, which employs 179 staff, came in at £13m.
The societies said in a statement yesterday: "The boards of Scotmid and Penrith Co-operatives have agreed to merge subject to member approval. The next stage will be the sharing of information with a view to the merger completing in the autumn. At this stage there will be no further announcements."
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