Plymouth and South West look to join The Group
19/03/2009 – A message from Peter Marks
I am pleased to tell you that the Board of Plymouth and South West Co-operative Society (PSW) has today [19 March] announced its intention to merge with The Co-operative Group.
The Society, which dates back to 1860, is strong and well run, and will next month be announcing record profits. PSW has 168,000 members, employs 1,700 full- and part-time staff in food, funerals and property operations, and has a head office in Plymouth. It has 67 food stores, 11 post offices, three petrol stations and 30 funeral homes in Devon and East Cornwall.
The decision by the Plymouth Board, which will need to be ratified by its members, is further testament to the on-going success of The Group and the recognition of the strength of the revitalised Co-operative brand. The move will be another significant step forward in creating a strong national co-operative business able to compete effectively with our rivals.
Douglas Fletcher, Chief Executive of PSW, has said in a statement issued this morning: "The Co-operative Group is spearheading the resurgence of The Co-operative brand in the UK, as a trusted and ethical alternative to big business, and it is backing this with billions of pounds of investment in its stores. We want to be part of that success story, and we feel sure our members and employees do too."
The merger plan will be discussed at special meetings of PSW members in May, and subject to their support, and the approval of the merger by The Co-operative Group Board, it will go to confirmatory meetings of PSW members in June, with a view to a merger in September.
I’m sure you will agree that this is further excellent news for the Group.
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