Your Questions
What is a co-operative society?
'A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise'.
In short, co-ops are businesses that provide what their members want, and they are controlled democratically by those members.
What is the difference between a co-op and a plc?
In a co-op, members can invest a limited amount of share capital and take part in a 'one member, one vote' system. Members have an equal vote regardless of their share capital. This does not happen in a plc. A co-op is not listed on the Stock Exchange and cannot be demutualised without the vast majority of the membership agreeing. We also work to our values and principles. A plc has one aim, profit; a co-op aims to make a profit but to be used for the benefit of its members and the community it trades in.
Which geographic areas does Midlands Co-operative cover?
We are an independent, regional retail co-operative Society, owned and controlled by our members who come from the Midlands region. Our area is defined by our history.
Midlands Co-operative Society Limited - or Midlands Co-op as it is better known - is the second largest independent retail Society in the UK.
It is important that you understand a little of our history. In 1960 there were around 950 retail Societies in the UK: today there are less than 40. The rest merged to form larger Societies. Midlands Co-op owes its existence to mergers with 65 other Societies, the most recent of which were in 1995, when Central Midlands Co-operative Society Limited merged with Leicestershire Co-operative Society Limited, in 2001, when Chesterfield and District Co-operative Society Limited merged and 2006 when Desborough Industrial Society and Ilkeston Consumer Co-operative merged with us. This integration of Societies explains our complex geographical trading map.
Today, Midlands Co-op is a modern, forward-looking organisation employing some 7,600 staff and with gross sales in excess of £749,000 Million. Our principal areas of activity are Retail – food and non-food; Travel; Funeral Services, and Transport. We also have a substantial investment property portfolio.
Although we trade principally in Derbyshire, Leicestershire, and the Greater Midlands, we also have trading outlets in Herefordshire, Lincolnshire, Northamptonshire, Nottinghamshire, South Yorkshire, Staffordshire, Warwickshire and Worcestershire! At the time of publication we have over 400 trading outlets, ranging from superstores to convenience stores, supermarkets, department stores, travel shops, funeral homes, garages, post offices and petrol stations.
Providing management and support for our operational activities is the Business Support Centre, located in Lichfield in Staffordshire.
Click here to see our locations.
Aren't all co-operative shops and businesses the same 'co-op'?
Local people set up individual co-ops in the 1800s all across the country. After two centuries many have merged to form regional or large co-ops. However they still retain member control and so have not formed a national Society. If you visit the websites of other co-ops you will see they all work to the same values and principles. See other co-ops here. They also have local differences that their members wish to maintain. However we all work together to promote co-operation.
Can I become a member online?
No, due to Financial Services Authority requirements we, need to see two official proofs of identity so you will need to take your completed membership applictaion form into one of our branches with the proofs of identity, examples of which are given on the form. We also need your signature to authorise future transactions.
How can I become a member, and how much does it cost to join?
By completing a member form and paying a minimum of £1.00. Click here on how to become a member.
How can I find out about membership activities and meetings in my area?
Each area has its own Member Relations activities, click here to go to the region closest to you to find out more. Go to members relations activities page.
I want to know more about standing at the Society's elections.
The Society welcomes member interest in the democratic structure. For more information, visit our stand for elections page. You can also talk to one of the Member Relations Officers who will give you impartial advice.
How can I find out how much money I have in my share account?
You will need to contact ‘Member Services Department’ at our registered head office on 01543 414140. Tell them your share number or full name and address, including postcode, and they can give you an up-to-date balance. Alternatively send in your share account book and any interest will be added and the book returned to you.
Please note you have to have over ten pounds to earn any interest, so if you have one pound in now you will always have one pound. That pound however gives you a share in a multi million pound business, so look after it, and tell us if you change address so we can keep you up to date.
Am I able to increase the amount of money I have in my share account?
At present it is possible to increase your share capital up to £20,000. However, increasing your share capital will not give you any extra voting rights, but you will receive interest on your share capital.
I want to close my share account/ I want to close or transfer the share account of a relative or friend who has passed away. Hhow can I do this?
Contact the Member Services Department at Lichfield for help and advice ( tel 01543 414140). But, in brief, we will require a written request to close an account, with the authorising signature of the member, together with the signed share book. To close the account of a deceased member, we require a copy of the death certificate, together with their share book and details of next of kin. (It is sometimes possible to take over the share number of a deceased relative; please ask for advice.)
I've lost my passbook/ share statement. What should I do?
Contact Member Services straight away on 01543 414140. As long as you have signed your share book your share account should be safe. Unlike a bank account you can only get money out at a few outlets and as long as we know it has been lost you are covered.
Community Support
I've heard that the Midlands Co-operative provides money for community projects. How can I find out more? See our Community Dividend page on midlandsco-op.com.
Complaints/Caring for our members
If you have a comment, compliment or complaint please use the contact us page. In relation to membership matters you can contact Sue Letts, Membership Services Manager 01543 414140.
Are there other kinds of co-ops?
Yes, there are many different kinds of co-ops. Just to list a few:
- Consumer co-ops
- Credit unions
- Housing co-ops
- Care Co-ops
- Worker co-ops
- Local Exchange
- Food co-ops
- Trading Systems
- Community co-ops
- Agricultural co-ops
Go to Co-ops UK website in useful links to find out about these and many other types of co-operative.
I've lost my membership card. What should I do?
Please contact member services on 0800 781 2668, who will be able to order a new card for you.
