DECEMBER 2018

RETAIL
How a human chain made world news of a small co-op bookstore
Radical bookstore co-op October Books
has made a move to new premises – with
the help of 250 volunteers.
The Southampton co-op made headlines
around the world when supporters formed
a human chain to move more than 2,000
books to its new home.
Locals came together after the co-op
appealed for help on Facebook, and lined
the 850m route between its old home
and the new premises to pass the stock
along. Passers-by stopped to join in and
cafes along the way provided volunteers
with refreshments.
News of the joint effort – designed by
the co-op as an accessible way for people
to come together to contribute – went
global, with admiring reports by the
Washington Post, New York Times, the
Guardian, Huffington Post, BBC and CNN.
The move meant high-profile reports
not just on October Books, but about
co-operation, community action and
community fundraising, with the story
shared in countries including Brazil,
Taiwan, France and Canada.
p Books are passed along the human chain
“It was a tremendous show of support
and community and we’re moved
and incredibly touched by it,” Clare
Diaper, who works at October Books,
told reporters. “We are of, and for, our
community and it is truly heartening to
see that reciprocated.”
As a shining example of the sixth cooperative
principle – co-operation among
co-operatives – volunteers included
members of the co-op youth organisation
the Woodcraft Folk and local community
interest company Art House Cafe, which
also helped decorate the new store.
Ian Rothwell from Co-operative
and Community Finance (CCF),
which supported October Books in its
purchase of the new site, also joined
the chain, alongside members of the
city’s Hamwic housing co-operative and
sector organisations Co-op Culture and
Co-operantics.
One of the locals who joined the human
chain, Jani Franck, told the Southern
Daily Echo: “It’s amazing. The power
of community coming together and
achieving something like this. October
Books have done really well. I’m in awe.”
October Books, which formed in 1977,
bought the site, a former NatWest bank, in
August and plans to create a community
hub. The stock will be stored in the old
vault of the bank.
It raised the £487,800 it needed to buy
its new premises through a combination of
loan stock, crowd funding, personal loans
and gifts, and a loan from Co-operative
and Community Finance.
CREDIT UNIONS
Credit Unions of Wales
launches campaign
against high cost
credit providers
In the lead-up to Christmas, Credit Unions
of Wales – the association of the country’s
18 credit unions – is spearheading the
campaign ‘Credit2Wales’ to protect people
from high cost credit providers.
According to the Money Advice Service,
more than one in six people in Wales are
at risk of being unable to keep up with
credit repayments.
Marking the launch of Credit2Wales,
patron of Credit Unions of Wales, Jane Hutt
AM, said: “Unmanageable debt isn’t just
a finance issue. It impacts all elements of
our lives, including relationships, work,
health, mental health and, of course, the
ability to look after our families.
“Credit isn’t bad, we all need help
sometimes, especially at Christmas, but it
should be fair and manageable. We must
refuse to allow ourselves, our families and
our communities to fall prey to high cost
lenders, and stamp them out by turning to
credit unions instead.”
Credit Unions of Wales compared the
cost of an iPad with a well-known rentto-own
company against buying it on the
high street using a credit union loan. The
rent-to-own retailer would charge a 99.9%
APR interest rate, meaning the total repaid
over two years would be £676. This was
at least £254 more than borrowing from
a credit union – almost enough to buy
another iPad.
Andrew Johnson, advice manager at
the Money Advice Service, said: “Credit
unions are financial co-operatives, owned
by the people who use their services, and
not by external shareholders or investors.
Where profits are passed on to their
members in the form of better rates and
lower fees when compared to high cost
credit alternatives.
“At a time when people are more likely
to seek high-cost short-term credit, access
to affordable credit and understanding
your options is vital.”
Credit Unions of Wales recommends
that people look at the interest rate, term
of the loan (how many weeks, months or
years) and total amount repaid to be sure
they are getting the best deal.
The campaign will encourage people
to use the social media hashtags
#credit2wales and #credydigymru.
12 | DECEMBER 2018