A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
Demutualization is the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation is the opposite process, wherein a shareholder-owned company is converted into a mutual organization, typically through takeover by an existing mutual organization. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the mutual society.
The Co-operative Group Limited, trading as Co-op and formerly known as the Co-operative Wholesale Society, is a British consumer co-operative with a group of retail businesses including grocery retail and wholesale, legal services, funerals and insurance retailing.
The Rochdale Society of Equitable Pioneers, founded in 1844, was an early consumers' co-operative, and one of the first to pay a patronage dividend, forming the basis for the modern co-operative movement. Although other co-operatives preceded it, the Rochdale Pioneers co-operative became the prototype for societies in Great Britain. The Rochdale Pioneers are most famous for designing the Rochdale Principles, a set of principles of co-operation, which provide the foundation for the principles on which co-ops around the world operate to this day. The model the Rochdale Pioneers used is a focus of study within co-operative economics.
The Scottish Midland Co-operative Society, is an independent retail consumers' co-operative based in Edinburgh, Scotland.
Co-operative Retail Services was the second-largest consumer co-operative society in the United Kingdom. In 2000, it was dissolved by its members, merging with the larger Co-operative Wholesale Society, to form the Co-operative Group (CWS) Ltd.
The United Kingdom is home to a widespread and diverse co-operative movement, with over 7,000 registered co-operatives owned by 17 million individual members and which contribute £34bn a year to the British economy. Modern co-operation started with the Rochdale Pioneers' shop in the northern English town of Rochdale in 1844, though the history of co-operation in Britain can be traced back to before 1800. The British co-operative movement is most commonly associated with The Co-operative brand which has been adopted by several large consumers' co-operative societies; however, there are many thousands of registered co-operative businesses operating in the UK. Alongside these consumers' co-operatives, there exist many prominent agricultural co-operatives (621), co-operative housing providers (619), health and social care cooperatives (111), cooperative schools (834), retail co-operatives, co-operatively run community energy projects, football supporters' trusts, credit unions, and worker-owned businesses.
United Co-operatives Limited, or simply United Co-op, was a regional consumer co-operative in the United Kingdom, until its merger with the Co-operative Group in 2007. The society operated across Yorkshire, the North West and North Midlands of United Kingdom. In September 2002, it came about from the merger of United NorWest and Yorkshire Co-operative Society.
Southern Co-op is a regional consumer co-operative in the United Kingdom. The principal activities of the Society are food retailing, funerals and cafés. It operates more than 300 convenience stores, funeral homes and Starbucks coffee shops. Its operations are mainly located in the southern English counties of Berkshire, Bristol, Buckinghamshire, Cornwall, Devon, Dorset, Hampshire, Isle of Wight, Kent, London, Somerset, Surrey, Sussex and Wiltshire. Southern Co-op society is owned by over 170,000 members who share in the business's profits and democratically control its operations. It was previously registered as an Industrial and Provident Society, but its status is now as a mutual society under the Co-operative and Community Benefit Societies Act 2014.
The Penrith Co-operative Society Limited, known locally as Penrith Co-op, was a small regional consumer co-operative in the United Kingdom. The society was formed in 1890 and at the time of its merger with Scotmid it operated one department store with supermarket attached and eight small supermarkets or convenience stores in Cumbria and County Durham.
Nisa Retail Limited is a brand and groceries wholesaler operating in the United Kingdom. It is a wholly owned subsidiary of the Co-operative Group Limited. It was formerly a mutual organisation owned by its members and operating "...like a co-operative, using the collective buying power of the large group of members to negotiate deals with suppliers".
The Co-operative Commission was an independent commission set up by Tony Blair at the request of leaders of the British co-operative movement. Its aim was to review the strategy and structures of the sector, with an aim to suggesting ways to develop and modernise the movement, and its members comprised "business leaders, politicians, trade unionists and co-operators" under the chairmanship of the General Secretary of the TUC. It was the second review of its kind in the entire history of the Co-operative Movement.
Midlands Co-operative Society Limited was the second largest consumer co-operative in the United Kingdom. It was a registered Industrial and Provident Society, a member of the Co-operative Union, the Co-operative Retail Trading Group and a corporate member of The Co-operative Group, the largest consumer co-operative in the world. The Society had over 200 stores, principally trading in the English Midlands. Head office was located in Lichfield, Staffordshire.
The Clydebank Co-operative Society Limited is the smallest consumers' co-operative in Scotland, based in the town of Clydebank near Glasgow. Along with Scotmid and The Co-operative Group, it is one of three consumer co-operative retail societies in Scotland, and the only one not merged into a regional or national society.
Federal Retail and Trading Services (FRTS) is the central buying group for co-operative retail societies in the United Kingdom. It came into its current structure in 2015, though its predecessor was established in 1993, and it supplies almost all food bought for sale by the over 4,000 co-operative foodstores in the UK. The buying group is owned and controlled by each of its member societies but is managed by The Co-operative Group on their behalf. It operates by pooling the collective £8.5bn buying power for 18 co-operative societies in the UK, allowing them to negotiate better prices from suppliers, so as to compete effectively with other UK supermarket chains.
Lothian, Borders & Angus Co-operative Society Limited , founded in 1839 in the Scottish Borders, was the oldest independent consumer co-operative in Scotland until it merged with The Co-operative Group in December 2008. It operated over 50 food stores in the south and east, as well as some other retail businesses, and funeral services. At the time of the merger, Lothian Co-op was owned by 65,000 consumer members on a one member one vote basis.
Lincolnshire Co-op is an independent consumer co-operative which operates in Lincolnshire, and surrounding counties. The society has over 220 outlets with its principal trading activity being its food stores, funeral homes, florist and crematorium, travel agencies, post offices and pharmacies. The Society is owned by over 295,000 members holding Lincolnshire Co-op dividend cards, equal to approximately one quarter of the population of Greater Lincolnshire. The society also owns Gadsby's bakery which is based in Southwell, Nottinghamshire.
Anglia Regional Co-operative Society Limited was the fifth largest consumer co-operative in the United Kingdom. It was formed by the merger of the Greater Peterborough Regional and Anglia co-operative societies in 1987. The Society had over 80 stores, principally trading in East Anglia. Head office was located at Westgate House, Peterborough until 2011.
Central England Co-operative, trading as Central Co-op, is a regional consumer co-operative in the United Kingdom, based in Lichfield and which trades from over 400 sites across the English Midlands and East Anglia. The business is owned and democratically controlled by its members who can stand for election to the board and who also share in the society's profits. A proportion of the profits of the business are also invested in local community groups through its community dividend grants programme and its more than 60 member classes.
