Why is imutual a company rather than a co-operative?
The main reason is that, while we operate a very mutual ethos, we are unashamedly a commercial company that wants to maximise the benefits for our customers; which includes the possibility of being bought by another company if our members choose to do so.
There are other possible legal structures, such as cooperatives and community interest companies, but these have to operate within strict guidelines. In particular, the issuing of free shares (in variable amounts) could be problematic as a 'mutual / co-operative' which generally operate on a one-share-per member basis, and would require us to take expensive legal advice. In general, limited company status gives us the freedom to operate our free share offer in an efficient manner and in the best interests of our members.