Co-operative sector enjoys strong growth

Business Correspondent/Personal Finance Editor

Thursday 28 June 2012

SCOTLAND'S 578 co-operative enterprises contributed to the UK's "co-operative economy", growing at 1.5% last year, more than twice the 0.7% growth in the UK economy as a whole.

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The Scottish sector, with an aggregate turnover of £4 billion has helped the UK co-operative sector grow by 20% since 2008, while the mainstream economy has shrunk by 1.7%, according to trade body Co-operatives UK.

The UK sector now has a turnover of £35.6bn, and co-operative enterprises rose last year by 9% to 5933, while individual mem-berships rose from 12.8 million to 13.5 million.Retail (71.7%), agriculture (11.4%) and financial services (6.2%) remain the dominant parts of the sector by turnover, and consumer-owned co-operatives comprise 96% of the co-operative economy's value."Some of the UK's largest co-operatives are based in Scotland, including Scotmid, First Milk, Tullis Russell, WL Gore and Martin Currie," says the body. "The UK's largest include the Co-operative Group, John Lewis Partnership, Midlands Co-operative Society and United Merchants, the UK's largest merchant co-operative and invoice clearing house for the building products industry."It says co-ops are "more resilient", with 98% still in operation after three years compared to 65% of all businesses, and 56% in disadvantaged areas.Growth areas include renew-able energy and education. Sarah Deas, chief executive, Co-operative Development Scotland, said: "There are currently 28,600 people employed in co-operative businesses across Scotland, contributing significantly to the development of the economy."

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Co-operative sector enjoys strong growth

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