Channel Islands Co-op to end 'double dividend' scheme

The Channel Islands Co-op will end its 'double dividend' scheme.

The Society confirmed the news at an annual meeting with members, saying it would be replaced by a more 'modern, future-proofed' scheme.

Previously members would be able to claim double their dividend on Tuesdays and Wednesdays, but the scheme was temporarily halted during the coronavirus pandemic.

The scheme proposed to replace the so-called 'double divvy' will allow members to view the benefits they have accrued via the members portal on the Channel Islands Co-op website.

The Society's board also announced a trading profit of £7.2 million over the last financial year, returning £8.2 million to its members.

The Co-op’s pharmacy provision saw an increase in sales of 14% to £10 million, while the turnover in its food business increased by 3% to £159 million. This balanced a reduction in profits from holiday sales, foreign exchange and road fuels which were all affected by the pandemic.

Over the course of the year, £200,000 was donated to charities.