Lincolnshire Co-op

Lincolnshire Co-op is to pay out a dividend windfall to members

Members of Lincolnshire Co-operative Society are to share a dividend windfall of £1.8m.

The payout, which will be shared by the society’s 228,000 members, is equivalent to an extra 75p per £1 of dividend collected during the society’s financial year to 7 September.

It is expected to be approved by members at six annual general meetings this month and is on top of a £2.4m payout earlier this year.

“It’s been an immensely busy year with lots of new services being developed and outlets opening,” said CEO Ursula Lidbetter.

“Our members have also supported their business by shopping with us. If approved at the AGMs, they’ll be rewarded with a dividend bonus which I know will be a great extra in people’s pockets at a time when household budgets are stretched,” she added.

Lincolnshire Co-op’s payout comes on the same day that The Co-operative Group – the UK’s biggest co-op – revealed it was scrapping its interim dividend because of problems in its banking business. It will instead give members a voucher for 10% off their shop when they spend more than £5.