Had never heard of the co-op bank till it got in the news, but with it now owned by american hedge funds, should the UK tax payer bail them out with over £2 billion if it comes to a crisis point or would it be better to just let it crash cannot see such a small bank ever being able to recover such a large debt.
Also co-op supermarkets I presumed they are the same company. Now back in early 60's my parents shopped in there as it was the cheapest and they used to tell me it was a non profit company.
Never saw a co-op supermarket again untill last year when we moved and there are several around here. I though great cheap supermarkets, but No they are very expensive cannot see why on earth poeople shop in them. I presume they survive on low sales with high profit margins.
I think they tried to be too many things to too many people.
Can't help feeling they lost sight of their origins.
thanks just read through your thread. A good read.
The Co-op has just bought our local pub and are turning it into a Convenience store, and I've heard that they have bought about 50 other pubs to do the same thing. This will impact badly on the small parade of local shops which already includes a small Spar and an independant Butchers shop. Some years ago there was a small Co op supermarket and Butchers shop on the other side of the road which closed when Tesco opened up about a mile away. I really can't see how they expect to thrive in the converted Pub when they couldn't survive before.
The Co-op began to lose its way quite some time ago. Price wise its expensive compared with Aldi, Tesco, Asda unless you look at the reduced price items as the day progresses, and the reduced prices are lowered even further.
Most of the 'Superstores' closed in my neck of the woods,so out went furniture and carpets, but retained fridge, televisions and similar smaller products, when it opened new smaller stores, or refurbished older smaller stores, just after it took over some of the Somerfield stores.
I recall the days of the divi, milk tokens, having their own milk distribution,own bakeries, slaughter-houses, farms, boot & shoe factories,community educational centres etc. But all that seems in the past now, and its more to do with Pharmacy, Funeral plus Legal services, including the banking arm. But all that may change if the rumours are true, and some of those services are sold to raise further funding.
What I did find interesting, was when the Co-op was before the Government Select Committee and the board at director level management were referred to 'as unique'.
I like many thousands more, have a Co-operative Member Card and last year there was no 'divi' "because they had made no profit". Now if I was an investor, I would be rather worried!.
Wikipedia give a fair history on the Co-op click here
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