The Co-op’s having a retro rebrand
The Co-op is returning to its roots with a retro rebrand in a bid to shake off several scandal hit years.
The refresh of its image brings back the blue and white logo first introduced in the 1960s but phased out in the 1980s as it promised to return more than £100m a year back to millions of members and bring back its dividend.
From autumn, members will receive a five per cent reward on purchases of own-brand Co-op products and services – from food shopping to insurance – while one per cent will go to local charities the group said at its annual general meeting on Saturday.
Read more: Co-op Bank: Core business posts profit – but the hard work isn't over
“This is what the Co-op is all about. Big business is often accused of taking money out of communities – we are putting it back in as we champion a better way of doing business for our members and their communities," said chief executive Richard Pennycook.
“Our intention is to return to paying a dividend again, but we also want to make the rewards for members who trade with the Co-op more meaningful and community focused. We’re already seeing good momentum across our businesses and this will drive further growth which our members and their communities will benefit from. It clearly demonstrates the Co-op difference being delivered every day.”
It revealed ambitious plans to increase membership and for 50 per cent of sales to come from members. A quarter of food sales currently comes from members.
Read more: Co-op Food explores sale of 300 stores
Members approved a pay cut for Pennycook. It was revealed last month that he requested a drop in his salary from £1.25m to £750,000 and a bonus set at 40 per cent of salary as part of the remuneration package.
They also approved the election of a former John Lewis executive Margaret Casely-Hayford and former Labour MP Hazel Blears as directors.