Page last updated at 08:16 GMT, Thursday, 9 July 2009 09:16 UK

Villagers form shop co-operative

Green Valley Grocer
One hundred shares in the Green Valley Grocer have been sold

Residents in a West Yorkshire village have formed a co-operative scheme to keep their local grocery shop open.

After the Green Valley Grocer in Slaithwaite was forced to close in May villagers bought shares in the company, paying between £10 and £1,500.

Members can vote on what the shop stocks and will get a share of profits.

The scheme's organiser Graham Mitchell said the co-operative was a "great business model" because the investors were already loyal customers.

Mr Mitchell said: "I know that there are other very similar schemes right across the UK. Lots and lots of small community shops that would have closed are being revitalised."

Former shop employee Carol Wood said people had been stopping her in the street to ask when the shop was opening again. She is now getting her old job back.

She said: "It will be nice to come into work and serve people again."

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