Co-op extends sustainability revolving credit facility

Co-op said the news emphasised its ongoing commitment to building a more sustainable future and provides a liquidity backstop with access to additional funds should they be needed in future. 

Six banks support the convenience retailer with the extended facility, which links the cost of borrowing for the group to specific Co-op ESG commitments, including National Westminster Bank, Barclays Bank, Handelsbanken, Lloyds Bank, ING Bank and Santander. 

Nearly half (47%) of Co-op’s Scope three emissions are covered by suppliers which adhere to the Science Based Targets innitiative. As part of targets refreshed by the new credit facility, Co-op is working to get that number up to 79% by the end of 2030. 

The retailer has committed to halving food waste generated by stores by 2030, and is also committed to becoming a more diverse and inclusive employer as part of the stipulations of the new revolving credit facility.   

Co-op chief financial officer Rachel Izzard said: “The successful extension of our credit facility out to 2029 underscores the improved financial position of our Co-op, the balance sheet strength we now have to fuel our sustainable profitable growth ambitions, and the collective confidence in our ongoing financial resilience.

“As a group we are here to create sustainable value for our more than 6 million active member-owners and the communities in which we operate and source from. It is wonderful, and true to our Co-op heritage and values, to be able to weave our social value commitments into our longer-term funding strategies.”