John Lewis is now the UK’s largest worker-owned company
John Lewis has over 93,800 members and generated full year sales of £10.9bn. Co-op on the other hand, which has 8.4 million members, posted annual revenues of £10.8bn for the year.
The main reason why Co-op didn’t perform as well is due to its stake in Co-op Bank being cut to just 20% after its emergency recapitalisation.
Secretary-general of Co-operatives UK, Ed Mayo, said:
“The Co-operative Group is coming out of a challenging period into one of renewal, and this of course has had an impact on the sector.
“Yet innovation and growth amongst co-operatives large and small, in everything from solar power to social care, have meant that the co-operative sector is growing and in good health.”
The report was published by trade body Co-operatives UK.