All CI Coop staff will receive a “well-deserved” bonus and an inflation-linked pay rise this year after the business returned to surplus, the business has said.
The retailer confirmed the pay awards after revealing business saw “real progress” in 2024.
The CI Coop’s latest annual report marked a turnover of £211.2 million and a net profit of £0.8 million.
This marks a very different position from 12 months ago, when the retailer documented a loss of £1.8m for the 2023 financial year.
The loss resulted in members voting to accept a reduced 2% dividend – the first reduction in over 40 years.
Writing in the foreword of the latest report, board chair Jon Bond said: “Members rightly raised questions around this difficult decision, however not all were negative.
“We used this time to listen to you, our members. It allowed us to understand what you want from us and how we should focus on delivering value to you every day.”
In February 2024, the CI Coop also said that all bonuses had been cancelled and that directors did not receive a pay rise.
Asked if this would apply again in 2025, a spokesperson for the retailer said that “all staff will receive bonuses this year” in accordance with its Remuneration Committee rules.
They also stated that “all colleagues, including directors, received a minimum pay award in line with the annual RPI, reflecting our commitment to fairness and our transparent, structured pay and reward policy”.
A year of “real progress”
The spokesperson continued: “This year, all colleagues will receive a well-deserved bonus in recognition of their hard work, resilience, and the meaningful progress we’ve made together.
“Our bonus scheme fairly rewards performance, linking profit-sharing with the achievement of personal and business objectives.
“Non-executive directors are not included in our bonus scheme.
“We are committed to transparency, and full details of executive and director pay are published each year in our annual report.”
In a statement, CI Coop CEO Mark Cox described 2024 as a year of “real progress”.
He said: “Our primary focus last year was to strengthen our financial performance so we could continue rewarding our loyal members while delivering long-term value.”
Mr Cox continued: “It is pleasing to share the progress we have made towards this goal.
“We’ve returned to surplus, welcomed over 2,400 new members, and made significant investments in technology, pricing, and in further enhancing our support for local communities.”
However, the annual report also stated that the Coop will be recommending the same 2% dividend at its annual members meeting due to take place on Tuesday at the Pomme d’Or Hotel.
“While the dividend has decreased, compared to May 2023, we are pleased to have
listened to members and delivered greater everyday value through member pricing
and investment in competitive pricing strategies,” the report added.