Co-op Group member anger at 'insulting' dividend card payout

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Disgruntled members of The Co-operative Group have taken to Facebook to vent their anger over lower-than-expected dividend payouts.

The society started sending the interim payouts to its seven million members last week. Many expressed shock and disappointment that they received just half what they got last year after the society slashed the rate from 1p to 0.5p per point. Staff also reported complaints being made in store.

“Unhappy about the amount of profits I got!” said one Facebook poster. “I buy lunch everyday with The Co-operative, I also work there and all I got back was £3.00!”

Another wrote: “Very disappointed with my share of the profits! I always shopped at Co-op as it is right on my doorstep, but would rather walk to Sainsbury’s now and collect my Nectar points.”

Yet another said: “Absolutely furious at The Co-op. Insulting Xmas bonus payout. Spent loads in there this last year and they have the cheek to send me £4.60p bonus. What a rip off.”

A Co-op Group spokesman responded that it had been the members’ choice to halve the dividend. “The dividend is paid out twice a year and its payment is determined by our members,” he said. “In light of the continuing uncertain economic situation, our members agreed at the recent half-year general meeting to take a prudent approach with regards to this year’s interim dividend payment.”

The Co-op Group reported a 34% slump in operating profits to £174m in the six months to 30 June.

Readers' comments (13)

  • Did any of the disgruntled Facebook users use their vote in the Members' AGM to object?
    Co-ops are run by the members, for the members. Perhaps they should attend more meetings and put more in, instead of just expecting to take out?

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  • i wouldn't say spending 100+ pound a month is not putting anything in!!!!

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  • The Co-op Group have just reduced the divi to 0.5% much to the dissatisfaction of many of the members.

    I have just returned from Jersey where the independent CI Co-op Locale is operating and they give a divi of 4% which rises to 8% on purchases made on a Wednesday and Thursday.

    How can a small Co-op do this when they have to import 90% of the goods they sell. What are the much larger Group doing with the rest of the profits?

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  • It's about time the Coop stopped giving millions to the Labour Party and the Trade Union movement and started to look after its members instead

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  • I always understood that the co-op was run for it customers and to help charites not labour or unions.

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  • I am a pensioner without transport so do all of my shopping at my local co-operative store spending approximately 70pounds per week.I was looking forward to receiving my Christmas vouchers to enable the purchase of a few luxury items for Christmas, and was very disappointed and disgusted by the amount I received. I am now wondering wondering if the mid year layout will be any better or even more disappointing.

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  • A pathetic dividend paid out. No reason to purchase any Co-Op products in the future.

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  • My wife and I paid up front for our funerals August 2012, after ringing up and having to give details my wife was told they are in the post, that was the 11th July still nothing, how long does it take to recieve payment.

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  • I got a letter saying there where not paying any thing out at all only some new offer which is like the Morrison offer where you get some thing back on the Christmas shop .

    I spend my main shop there every week and to get this letter . I going to spend the extra on tescos home delivery sevire and get the same items cheaper.

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  • If the coop wanted to bail out their own bank with our dividend,thenthey should have offered shares as a replacement. We are creditors of the bank now and we get nothing. The hedge funds get 70% of the bank. There is no fairness in this partnership when we are all suppose to be equal partners.

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