Co-op launches new member prices within its food business. Credit: Co-operative Group Limited.

UK-based co-operative group Co-op has revealed plans to invest more than £240m in the next five years to increase its membership proposition.

The announcement comes as the retailer plans to increase its member base by a million and strengthen its membership offering.

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Co-op, which has 4.5 million active members, is introducing exclusive pricing for its members to save up to £300 within its food business annually.

Members can save on the retailer’s Irresistible pizzas, ready meals, wine, British BBQ lines and fresh fruit ranges.

Co-op chief membership and customer officer Kenyatte Nelson said: “Our members lie at the heart of our Co-op, they trade more frequently across our business areas, they create additional value, which is returned back into communities and they have a say in how our Co-op operates.

“Our initial member-investment will be targeted within our food business and directly supports our pure convenience strategy. Currently around 16 million shoppers visit our stores each week or trade online with us.

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“Our ambition is that many will convert to being Co-op members, when they see the clear value this can bring to both themselves and their wider communities.”

In addition, Co-op will invest £15m next month to reduce the cost of more than 60 key lines in stores.

The investment takes the total investment in prices to £52m in just six months.

The latest price reduction will affect everyday lines such as fresh chicken breasts, bread and milk.

Earlier this month, Co-op reported a profit before tax of £247m in fiscal year 2022, representing an increase of £190m from £57m in fiscal year 2021.