Radstock Co-operative has announced its results for the year to 27 February, with an operating surplus of £745k – a turnaround from its £17k loss the previous year.
Gross sales were £47.9m, up 14.5% on the previous year, with a trading surplus of £644k – compared to a £426k loss in 2019.
Writing to members in the report, chief executive Don Morris said: “Along with Covid-19, Brexit uncertainty was a major feature during the year with the last-minute deal between the UK and EU adding some much-needed clarity in terms of supply chain and product pricing.
“As predicted the pressure on margins and increasing operating costs did materialise but were carefully managed by the business which is in good shape to face the challenges of the market in 2021 and beyond.”
The pandemic impacted the society’s travel business, forcing it to close its remaining travel store in Paulton to new business, with all bookings transferred to another co-op, Midcounties.
But Radstock grew in other divisions, acquiring a food store in Highbridge, Somerset in February 2020 which has traded through the pandemic, “establishing itself as the go-to community store in the area”.
The co-op’s dairy farm had a difficult year, with disruption from development work and extreme weather conditions producing a loss of £40k (2019: £86k surplus). But the £3m redevelopment was completed with new and expanded housing for the dairy herd, new equipment and environmental improvements. In terms of production, the farm has had a good start to 2021, the report adds.
In August 2020. the society closed its RADCO superstore for demolition and redevelopment, which will see a new supermarket on the site plus a mix of residential, business and retail units.
While the project is built, Radstock will operate a store from temporary premises in the town centre.
Mr Morris said: “2020 was such a tough year for us all. Your society and colleagues have risen to these unprecedented challenges and responded with compassion and resolve and I am immensely proud of what we have achieved together.”
