CO-OPERATIVE GET THE PICTURE?


You have to understand that a Co-op is not allowed to make a profit, and all money paid in always belongs to the member. We run on a very small balance sheet and we never have a vast amount of money in the bank. Indeed at the end of every financial year, if we have too much of a surplus of funds, this has to go back to the members. And Indeed last year all members received back £60 each, simply because we had too much money in the bank.


This year was a whole different story!!


Come the end of August, and I write this with a lump in my throat, due to the generosity of at least 75 per cent of the membership we had more money than we have ever seen in our bank. Don’t get me wrong: we are not talking six figures here, more like the lower end of five, but for a Co-op this is outstanding. Our members, all 78 of them, managed (not all at once) to contribute enough money not only to ensure the survival of our company, but enough to carry us through for quite some months to come.


Already we have managed to pay every member back who contributed in April. And we have just announced that we will be able to pay back all of May’s money in December, well in time for Christmas.


Now we are in the second lockdown - we have learnt a lot of lessons from the first lockdown, and hopefully the end date is a realistic one (2nd December) - but if it’s not, we have plans; we will continue, in the tradition of good ol’ Blighty spirit. We will NEVER surrender!!


I write this as a little (so far) success story, and to applaud and show admiration for the 77 other people whom I have come to rely on.


Thank you all. Mark Jennings


Company Secretary, Southend Taxi Co-operative Ltd, trading as 333444 Taxis triple3triple4@gmail.com


You can see from Mark’s article the benefits of working under the auspices of a co-operative; the NPHTA has advocated that path to many members and non-members alike for a long time, particularly in areas where individual licence holders feel isolated and could do with a collective boost. We’re sure that if any PHTM readers wish to find out more about the ‘nuts and bolts’ of setting up a taxi/PHV co-operative, Mark will be more than willing to guide you through the initial steps.


DECEMBER 2020


the nation’s independent insurance brokers


CALL US 0800 458 9702 01527 757 585


VISIT US coversure.co.uk/redditch


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WE’LL KEEP YOU MOVING


Taxi insurance


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