Massive boost for fledgling businesses

Peter Marks, Group Chief Executive of The Co-operative Group

Fledgling businesses in the North West were given a massive boost today (20 April) with the official launch of The Co-operative Enterprise Hub - a £5million support service designed to promote member-owned businesses - announced in Manchester.

Launched as a pilot scheme last year, the Enterprise Hub is part of The Co-operative Group’s substantial support for new and existing co-operative businesses.

As the focus of the UK economy moves from recession to recovery, co-operatives are being identified as an alternative, fair and sustainable approach to business. Consumers, commentators and politicians alike are debating the co-operative business model and considering it 'fashionable', 'in-vogue' and, even 'cool', to co-operate.

Peter Marks, Group Chief Executive of The Co-operative Group, said: "The Co-operative business model has an exciting future in fostering business enterprise. It is no co-incidence that it is increasingly being championed as a long-term solution to many of the challenges facing the UK.

"More than 11 million members belong to some 5,000 co-operatives in the UK. And, with a combined turnover exceeding £29 billion, it represents a significant contribution to society and the economy.

"With the recent financial crisis highlighting deep flaws in economic and business practices, people are opening their eyes to the co-operative model and seeing its merits as a modern, effective and relevant way of doing business.

"We welcome the debate about the part co-operatives can play in developing a more balanced UK economy.

“That is why we have put our money where our mouth is and demonstrated our commitment to the sector with this £5 million, three year investment programme.”

The Hub, recognised for its integral role in establishing new co-operative start-ups, operates via a central website with a network of development professionals in regional 'hubs' delivering the service.

During 2010, this dedicated support service for co-operative enterprises will continue to rollout across the regions, sharing the same footprint as Regional Development Agencies (RDA).

A significant proportion of The Co-operative Group’s investment will be used to offer advice and training services to new and existing co-operative enterprises including, up to four days free business advice.

Having delivered the service, co-operative development advisors can then signpost clients to further support, and finance packages available through the enterprise hub.

For further information about The Co-operative Enterprise Hub and the advice, training and consultancy available through its regional and national network of experts, visit www.co-operative.coop/enterprisehub or, telephone Angela Davies - co-operative development manager - on 0161 246 3020.