East of England Co-op posts £2m profit in third year of growth

Why it matters: The Ipswich-headquartered society is one of Suffolk's largest privately owned companies and the largest independent retailer in the East of England, employing more than 3,000 people across over 220 sites in Norfolk, Suffolk, Essex, Cambridgeshire and Hertfordshire.

The details: Turnover for the 52 weeks to 24 January 2026 fell by 4.6% to £367.8m, down £17.9m on the prior year. The society says this reflects active decisions to rationalise its trading estate and focus on its convenience offering.

• Profit before taxation was £2.6m, down £1.2m from last year
• Members' funds rose by £1.1m to £230.7m
• Investment property income increased by £1.2m to £9.2m
• Net debt rose by £7.7m to £20.8m, with the society continuing to invest in new stores, refurbishments, a housing development in Witham and technology

What they're saying: Chief Executive Officer Andy Rigby said: "Over the 45 years I've been in the retail business, last year was one of the most challenging I've experienced in the food retail space. But, against the odds, we've delivered an underlying trading profit of £2m."

He added: "We're a proudly independent local retailer, deeply committed to serving communities in the place we call home, the East of England."

Chief Finance Officer James Norman said: "We're operating in a difficult retail trading environment. This is a nationwide challenge driven by rising operating costs in areas such as business rates, employment costs and energy prices, as well as global economic uncertainty."

Ipswich highlights: The society opened five new Food stores during the year, including its first fully cashless store at Ipswich Train Station. The store has been recognised by the Institute of Grocery Distribution as one of just 25 "Stores of the Future" worldwide.

The relocated Woodbridge Road Food store in Ipswich is fitted with solar panels and home to the society's first solar carport. Construction also began in December on a new 3,000 sq ft Food store in Kesgrave.

The bigger picture: The society reported a 25% reduction in carbon emissions across Scopes 1 and 2, driven by cuts in grid electricity (24%), natural gas (26%) and fugitive refrigerants (31%). Around 40% of its electricity now comes from renewable sources, supported by a 10-year corporate power purchase agreement signed with German energy company RWE.

Through its four core community programmes, the society supported 775 community groups and local charities on 1,199 occasions, donating more than £128,000 to over 200 local causes through its colleague-led Local Giving initiative. It was named Community Retailer of the Year – Multiple at the Retail Industry Awards in October.

What's next: Rigby said the society would continue to focus investment "where we see the greatest long-term impact," including new store openings, refurbishments and "new innovative business ventures."

He added: "A key priority for us next year will be expanding and evolving our membership proposition, focusing on delivering a more personalised offer that truly benefits our current members as well as attracting new ones."

The bottom line: After a year shaped by national economic pressures and a cyber incident affecting deliveries from Co-op Group, the East of England Co-op says it has shifted from "a business in transformation to a business in growth" – with Ipswich at the heart of its plans for the year ahead.

Don't forget: If you enjoy our content, please add Ipswich.co.uk as a "preferred source" on Google so you can easily find more of the content you value.

This article cost us ~£27 to produce

It's free for you to read thanks to the generous support of our partners. Please support us by supporting them.