Janet Paraskeva and Ben Stimson wrote the letter to clarify the society’s position after “a lot of speculation about the proposed merger” surfaced online.
The statement reads: “Southern Co-op has made losses for the past three years. Over the last year, trading has become more difficult, and we have relied on ongoing support from our banks and suppliers to continue operating. That support cannot now be increased within the time available.
“To continue trading without a merger, we would need a significant level of financial support and we have not received any offers of funding at that level.
“We know many members are asking whether there is another option. We…