Radstock Co-operative Society, an independent co-operative retailer with ten community stores and a large supermarket all based within a 30 mile radius of the head office in Radstock, was presented with the Bronze Investors in People award at a ceremony held at The Freemasons' Hall, Great Queen Street, London.

Investors in People is celebrating its 20th anniversary this year. Originally created to help businesses recover after the recession of the 1980s, the national quality Standard is equally as relevant today. Awarded to well-run organisations which demonstrate good management practice with a high emphasis on best practice people management and development, the Standard encourages growth, profitability and efficiency.

Don Morris, chief executive at Radstock Co-operative Society, which has some 375 employees, said: "The Investors in People Standard has provided us with the framework and discipline to continually monitor the effectiveness of our people processes. The achievement of the Bronze award reinforces the fact that our people management practices are constantly evolving to support our plans to improve and grow our business."

Radstock Co-op, one of the smaller independent retail co-operatives announced exceptional financial results against a backdrop of Government cut-backs, pay freezes and rising household bills. The Society returned a record-breaking £21m turnover for the year ending 26th February 2011 which was conveyed to members in the Society's annual report booklet. Radstock Co-op has not only increased its turnover but has improved profitability by becoming more efficient in its operation resulting in a trading surplus of £1.5m, an impressive 475% increase on the previous year of £320k. This means that there is more money available to invest in the acquisition of new stores.

The Radstock Co-op has in the last few years increased the number of community stores within its retail estate from six to ten, the most recent being Glastonbury and Street. The opening of the Street store saw the bringing together of two local, Somerset businesses, the Society and Jon Thorner's Butchery in a venture to meet the existing and future needs of the local community.

Significant developments have taken place within the Radstock Superstore which included refurbishment and improvements to the store layout and decor, the introduction of additional fashion ranges, shoes and accessories, the extension of the partnership with Jon Thorner and the formation of a new one with Maisey's Bakers of Farmborough. These partnerships provide an instore butchery/delicatessen counter and a bakery section producing freshly baked bread, cakes and pastries and have extended the offering to customers helping to transform the store into a destination shop which has been evidenced by an improvement in the store's sales which grew by 7.1% on the previous year.

The Society's farm at Hardington on the outskirts of Frome also played its part by improving its contribution to return a modest surplus of £28,000 in the financial year despite very difficult trading conditions within the farming industry. This was achieved through a change in strategy which culminated in the cessation of diversification projects and the direction of energies towards conventional dairy farming. A change in fortunes at the farm has been achieved with the help of a specialist farming consultancy who the Society has contracted with to provide expertise and guidance on a day-to-day basis. Investment in the farm estate continues with the construction of a lake tapping into a source of fresh water reducing the farm's consumption of metered water thus becoming more self-sufficient.

The sale of some of the Society's residential properties and fixed assets provided £1.2m of which £824k was immediately reinvested in the business. Don Morris, chief executive stated, "The economic outlook for 2011 and beyond remains a real concern. Due to the 2010/2011 financial results the Society was able to post £1.1m to its reserves, it has no gearing and has significant cash investments with which it is able to negotiate this concern and continue to take advantage of opportunities as they arise. We have undergone a rapid period of growth over the last two years which would not have been possible without the hard work and commitment of all our colleagues and support of our members and customers. I would like to extend my thanks to all those concerned."