East of England Co-op is profitable again despite mounting challenges

The East of England Co-op is now profitable again, marking a significant reversal of fortunes after three years of work.

The supermarket chain traded a profit of £1 million in 2024 – and earned £4.6 million than in 2023.

Andy Rigby, chief executive, said this was a ‘monumental achievement’ due to challenging financial situations, including rising costs, and difficult business decisions.

He said: “We’re proud to be announcing a return to profit this year.

“This is an ambition we’ve been working towards for the past three years so it’s a moment for us to celebrate as we mark the start of an exciting period of growth.

“The next challenge for us is ensuring this profit is sustainable for our co-op and the colleagues, members and community that make us.”

After 155 years in business, the firm now operates in five counties.

In 2024 alone, it supported 700 charities and good causes in a bid to give back to communities.

Since 2020, it has directly supported 140,000 people through its Community Cares Fund.

Mr Rigby said that, despite its growth, 2024 was full of difficult decisions.

In a bid to reshape its portfolio, the company shut its stonemasonry business, H L Perfitt, leased three stores to new operators and listed 13 branches – including its main office at Wherstead Park, near Ipswich – on the market.

“We’ve made these decisions with the future sustainability of our co-op, its members, customers and colleagues as our top priority,” Mr Rigby said.

“Our focus is on investing in the refinement and growth of our business, providing new, modern facilities for our members, customers and clients in new locations throughout the East of England.”

Looking at the rest of 2025, Mr Rigby expected another exciting year with opportunities and challenges.

This will include investments in its estate and new technologies, while keeping up with the living wage and building the business towards the next generation.

He also thanked staff and customers for their support.

Mr Rigby added: “We remain a business in transition. We have an exciting pipeline of new stores and branches and will be continuing our refurbishment programme.”