The Co-operative Bank wants to spend £1m growing the UK's co-operative sector

Emma Haslett
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The Co-op is still recovering from the £1.5bn black hole found in its balance sheet in 2013 (Source: Getty)

It may still be shaking off the effects of a £1.5bn black hole in its balance sheet, but The Co-operative Bank is already looking to the future, after it announced plans for a £1m boost to the UK's co-operative sector.

In a statement today, it said it had agreed a three-year partnership with Co-operatives UK to "support the development and growth of the UK's dynamic co-operative and social enterprise sector". The plan is to boost the 6,796 co-ops already operating in the UK and help others start up.

In January this year, the bank committed to supporting the growth of the co-operatives sector in the UK.

“Co-operatives and community businesses have an important role to play in the UK economy and society as a whole, and it is important that the growth and development of the sector is supported," said Niall Booker, its chief executive.

"The value of co-operative and member-owned businesses to the British economy has increased by 15 per cent over the last five years and we want to play an important role in supporting growth for the future."

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