Worker-owned cooperatives are businesses where every worker owns a share of the business and has an equal vote in decisions. This model of business gives workers a direct say in the operation and success of the company.
The benefits of this model are numerous: it empowers individuals by improving job security and working conditions, and increases employees' commitment to their work. Moreover, as cooperatives are community-focused, they help to boost and maintain wealth in the local area, increase employment, and provide training opportunities.
What is a co-op?
The success of cooperatives is evident in their resilience: cooperative businesses have an 80.4% survival rate in the first five years of operation, almost double that of standard businesses. They also demonstrate their strength during economic downturns; during the Covid-19 pandemic, for instance, only 1.5% of cooperatives closed their doors, compared to 6.5% of traditional businesses. This resilience makes cooperatives a force for good in our communities.
For more info see What is a co-op | Co-operatives UK
Support from South Ribble Borough Council
If you're a South Ribble resident or business interested in starting or converting to a worker-owned cooperative or an employee-owned business, the Council offers support, including training, funding, assistance with finding suitable premises, digital support, and general guidance.
Click here
The Principles and Values of Worker-Owned Cooperatives