Co-op businesses are more resilient to the economic devastation caused by Covid according to The Co-op Economy Report 2021 released today (28 June), prompting a call for more government investment.
- Just 1.5% of co-ops were dissolved in 2020 compared to 6.5% of businesses generally
- Co-ops are four times less likely to cease trading
- Number of independent co-ops grew by 1.2% in 2020 despite the global pandemic
- Turnover for the UK’s 7,237 co-ops grows to £39.7bn (an increase of £1.1bn)
- Co-ops are more ambitious than small businesses generally, with 61% of co-ops expressing ambitions to grow or develop in the first quarter of 2021