In the years immediately prior to demutualising, M&F Co-op ran a funeral business, a food shop and department store in Musselburgh, and also invested in commercial property, including shops and a leisure complex at Fisherrow harbour.

[5][6] Demutualisation of UK co-operatives The stock company acquires control of the business, and ownership of its assets.

[4][8] The petition for interdict, which was made by eight members opposing demutualisation, including former president George Cunningham, alleged 19 governance irregularities, including conflicts of interest and an inquorate board of directors, as three of the six directors had resigned in preceding weeks.

[8] The FSA investigation reported in 2006 that M&F Co-op's democratic governance had not been functioning effectively.

[4] It built and operated the Quayside restaurant and leisure complex overlooking Fisherrow harbour, which opened in 1992.