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Last updated 27 Nov 2019
In this short topic video we look at the growing number of businesses and organisations that operate as member-owned and run co-operatives.
Co-ops are owned and run by their members, who can be customers, employees or groups of businesses.
Co-operative businesses are run on principles of shared ownership, shared voice & shared profits.
Examples of co-operatives:
- The supermarkets-to-funerals Co-op Group is the biggest, followed by the John Lewis Partnership (including Waitrose)
- Farmers’ co-ops are also popular in the UK – a good example is ARLA foods
- Other co-ops include community pubs, supporter-run football clubs and many foster care and local childcare providers.
- Credit unions are becoming more popular in the UK
- Credit unions are a loans and savings co-operative
- In the UK, credit unions are regulated by the Financial Services Authority
- Members normally have a 'common bond' to make them eligible for membership such as place of location, membership of a church
- There are over 110 million members of credit unions in the USA
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