Turnover at Midcounties Co-operative, the UK’s second-biggest co-op behind The Co-operative Group, has hit £1bn for the first time.

It means the society has doubled its revenue since forming in September 2005 following the merger of Oxford, Swindon and Gloucester Co-op with West Midlands Co-op.

The figure is for the society’s entire operation - which includes food, pharmacy, travel, funeral, childcare and energy. “This is a huge milestone in the development of the business and illustrates just how much progress we have made in a relatively short time,” said CEO Ben Reid.

“We are thrilled as we believe that it shows consumers see increasing value in buying goods and services from an ethically run business.”

Midcounties recorded sales growth of 5.2% over the Christmas period. Last month, it was named the 13th best company to work for in the UK by The Sunday Times.

Meanwhile, Scotmid reported an 8% drop in full-year operating profits to £6m on sales up 0.3% to £428m for the year to 26 January. CEO John Brodie said the results were “positive” given the “extremely challenging market”.

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