ICOF50

We were delighted to unveil a timeline charting fifty years of ICOF (and other!) history as we launched our birthday celebrations at Cooperative Futures recent From Crisis to Co-ops Conference. We dedicated this to co-operative giant Roger Sawtell – look out for another article about Roger very soon

Thank you so everyone who has been part of the last fifty years, and who joined us as we cracked open the Champagne. We are loving hearing your memories of your work with us.

Watch the video here to hear from Jon Nott, our Chair and from Alain Demontoux, Operations and FCA Compliance Manager and explore key moments in our fifty years so far.

Through this, our fiftieth year, we’re delighted to be talking to some of the incredible people who have worked with us along the way – borrowers, supporters, investors, partners, Trustees, and staff.

Today, we introduce Dame Pauline Green

‘I have known ICOF for some time, but then I’ve been a co-operator for a very long time!

I think it was 1996/7 when I was elected as President of the worker co-op federation ICOM – The Industrial Common Ownership Movement, this was the first time that I really got to know not just ICOM but ICOF. At the time I was a Co-operative  MEP and Leader of the Socialist Group in the European Parliament.

In 2000 I was proud to become first female CEO of the Cooperative Union (now Co-operatives UK) a post I held until until 2009, and from 2002 to 2009 I was also President of ICA Europe. From 2009 to 2015, I was President of the global International Cooperative Alliance – you cannot be from the British co-op movement with that sort of background in global co-operation, and not know ICOF!

You also cannot work with co-ops around the world without being aware that one of the key issues for co-ops in all sectors of the global economy was – and still is – development finance. This is a perennial problem for coops all over the world. As a result of their democratic ownership structure, and their commitment to ‘meet the needs of their members’ co-operatives are not, of course, traded on the stock market, so development capital is hard to access. They have to borrow or they have to get it from member funds which is not always easy, particularly for start ups and for multi million pound businesses whose development needs can be very significant. ICOF was very important to me because it was really my first experience of a facility that made it possible for coops to attract supportive and ethical capital in line with the values of the movement. I remember Ian Taylor very fondly – a very intelligent, articulate, and terrific co-operator, who knew how to make the case and argue for the finance for coops, in a way that was safe for them and for ICOF.

ICOF gave me inspiration when I went on to be the CEO of Co-operatives UK and we saw the growth of cooperation in different sectors of the economy. There was a big drive for new rural coops, for village shops, pubs, a range of secondary and health co-ops. All these thing came out of a very intensive period of evolution for the coop movement and the need for capital was always an essential element of driving coops forward.

Later, as President of the International Cooperative Alliance, again I saw that the biggest issue holding back co-operatives from having a greater share of the global economy, was the lack of access to development capital. Because of the good grounding ICOF had given me, exploring ways of raising co-operative capital whilst protecting member ownership was vital when we drew up the strategy for the global movement called ‘A Blueprint for a Co-operative Decade’.  That strategy established a blue ribbon capital commission to find ways to source development capital for coops.

I’ve been a co-operator for a long time and even though I’m now retired, I am working with a group of others on a new fintech coop which is all about trying to enfranchise people to invest in co-operatives carefully and sensitively whilst respecting the principles and values of our movement. All my knowledge about coops and finance stems from the first meeting I had with Ian and ICOF – it gave me a lifelong interest in how to find capital for coops while truly recognising the values and structures that make them different.

Happy birthday to ICOF! You will never quite understand how much influence you have had on those of us who want to build coop development capital in a way that sits right with the values and purpose of coops. You’ve been an inspiration to me in dealing with these issues around the world, happy birthday!’

Through this, our fiftieth year, we’re delighted to be talking to some of the incredible people who have worked with us along the way – borrowers, supporters, investors, partners, Trustees, and staff.

Today, we introduce Malcolm Lynch, who is a solicitor and heads the Charity and Social Economy Team at Wrigleys Solicitors

‘My involvement with ICOF started in the early 1980s, and while the relationship has changed, I’ve never stopped being involved. My involvement began through my work with ICOM – The Industrial Common Ownership Movement (the worker co-op federation) – which eventually led me to being on the ICOM Board, and ICOM had a relationship with ICOF.  I was the in house solicitor for ICOM from 1987-1989 and we’ve been legal advisers to ICOF on and off over the years. We supported on things like share issues and helping structure ICOF Community Capital. I’m still an ad hoc adviser and am also an investor in ICOF – they are a well managed organisation, investing in people who are seeking to work in a more egalitarian way, and I want to support that.

The early ICOF CEO David Ralley had a particular way of doing things. I remember Nigel Mason and Leon Boris joining and they turbocharged ICOF. After a short period of time, in the mid to late 1980s, they got themselves involved in moving a succession of bus companies into employee ownership, which extended the reach of ICOF out from pure worker coops in the mid to late 1980s. Nigel unfortunately died last year.  They have always had a dedicated team of skilful lenders.

Congratulations to ICOF on reaching 50 years of investment into coops and Employee ownership. ICOF is almost the only CDFI which has always been profitable (without much Government grant) and it’s rare in having survived for this long – I look forward to the next 50 years’

We are delighted to be celebrating our 50th birthday this year and we are kicking the celebrations off in style with a drinks reception at Co-operative Futures annual conference

A lot has changed in the 50 years since we made our first loan in 1973 but the need for co-operative working and solutions rooted in community has not. Future Co-ops theme this year is from Crisis to Co-op and the conference will explore ways that co-ops can work with other organisations to help support people through the cost of living crisis.

We’re delighted to be hosting a drinks reception there on the evening of Friday 10th. We’ll be unveiling a timeline charting our fifty years so far, and the ups and downs we and society have faced along the way. Do you have memories or memorabilia from our fifty years so far – will you be there? We would LOVE to hear from you and see anything you have from our past. We’re pretty sure we’re missing a trophy or two so if they are gathering dust at your place, do bring them along!

Celebrate our 50th birthday with your memories!