ANM members turn to their co-op in times of COVID uncertainty

01/07/2020
In co-operative fortnight, leading member-owned co-operative, ANM Group, has announced it has reached a record high in member share capital investment, with confirmation that total level of member funds has exceeded £7m. The Group is one of the largest and most progressive producer-owned farming, food and finance businesses in Scotland and ranked in the Top 25 of UK co-operatives.
 
In its recent Annual Report, ANM Group reported an increase in share capital during 2019 of £309,000, to a total of £6.85m at 31st December. The news that increasing member investment has accelerated further during 2020 is regarded as highly significant during the COVID-19 outbreak.
 
The £7m milestone has been reached as the Group has widened its range of benefits available to deliver greater value for its members. Full entitlement to those benefits is available to anyone who invests a minimum of only £500, and recent months have seen a significant increase in membership, attracted by a sector leading offer including
 
  • All customers benefiting from the most competitive commission rates in the marketplace, and commission rates for members starting from as low as 3% for all livestock sales at Thainstone and Caithness.
  • Attractive loan scheme rates for members
  • Discount at the Group’s restaurants, including the award winning Porterhouse Steakhouse, renowned for serving the finest of meat and locally sourced fresh produce from the north east
 
Grant Rogerson, Chief Executive added:
 
“The increase in shareholding illustrates the confidence our members have in us, and this, combined with the dedication and sheer hard work from teams across all our divisions puts us in a strong position to continue facing the challenges of the current climate head on. Our reduced commission rates for members of the co-operative has already saved them over £70,000 up until the end of May. That’s a meaningful immediate impact, a positive reward for them and their local communities, and a direct result of their loyalty to the business.
 
“As a business we will continue to reward our members loyalty. With their continued support, we can ensure we bring them the strongest returns, as we focus on delivering service and value, with a growing range of benefits.”
 
“Our relentless focus on innovation and routes to market, from the creation of our new online hub, Thainstone Online, our partnership with www.SellMyLivestock.com and of course our radical overhaul of commission rates for members, has allowed us to provide consistency and certainty for our customers during very difficult circumstances.
 
 
Peter Watson, Chair of the Board at ANM Group said:
 
“This is a significant milestone for ANM Group and testament to the success of our co-operative model, which makes possible the delivery of substantial benefits to our members.
 
“Our community ownership model has loyalty at the heart of the business, allowing us to focus on delivering value for our members themselves - that’s the principle of the co-operative, which is the foundation of our growth.
 
The Group is set to announce further exclusive benefits for members over the coming months.