Kate Bull, co-founder and current CEO of London-based social enterprise initiative The People‘s Supermarket, has today announced that she is to stand down from her position at the firm.
The employee-owned retailer is looking to re-organise its management structure in order to cash-in on a new government scheme which is aiming to provide £600 million to charities & community groups.
Big Society Capital was launched by Prime Minister David Cameron earlier this month as a way of supporting social enterprises, and as The People‘s Supermarket scheme is one he has championed in the past its owners are hoping to benefit from the policy.
Bull explained: “To ensure our longevity we will be seeking to restructure our organization to take advantage of the investment opportunities offered by the launch of Big Society Capital.
“In support of these change, I have announced to The People‘s Supermarket members that I intend to stand down as CEO and seek election to the board of trustees, this will enable me to provide strategic direction to new management team.”
It was also announced today that the business, which was established in Bloomsbury, North London in the summer of 2010, achieved a turnover of £1.2 million in the financial year 2011/12.
Former Marks & Spencer commercial boss Bull & co-founder Arthur Potts had admitted in the past that the scheme was struggling to survive due to mounting financial pressures, including a large business rates bill.
Despite the challenges, Bull said today that the retailer had stabilized its financial situation and in recent months it has announced its intention to opening a second store in East London.
The People‘s Supermarket is a unique retail concept where its employees are not paid but work part-time in exchange for discounts on their groceries.