Co-op's big rise in profits

A retail chain with nine stores in the Bath area has unveiled a big rise in profits.

The Radstock Co-operative Society saw a 10 per cent growth in turnover and a 92 per cent increase in profits after tax for the year to February.

The society, which employs 300 people across its stores, head office and organic dairy farm, had a £16.5 million turnover, with a gross profit of £4.5 million.

The 140-year-old business was founded on the principle of running locally owned, locally managed stores offering fair prices to the community.

It has stores in Peasedown St John and Timsbury as well as its Radco superstore in Radstock.

Chief executive Alan Bonner said: "The society has continued to invest heavily in its stores, with refurbishments and the opening of a new store in Coleford this year.

"The society's investment in community initiatives also more than doubled, in a period when many other businesses are cutting back in this area."

The firm says it wants to open new stores in the current financial year.

Mr Bonner added: "These results reflect the hard work of our employees and support of our members.

"We have a sound business strategy during this challenging economic period and this focuses on giving our members and local people the services they need."

The society is run by its 6,500 members. It aims to build up a product range using local suppliers and has its own 1,000-acre organic dairy farm.