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Northern dialect term used to denote that a particular person enjoys a lot of good luck. Based on the premise that if said person fell off the top of the Co-operative Store building he would land in, or on, the divvy, or dividend card. Quite how this person's fall would be broken by this sort of landing is unclear; it is possible that the monetary gain of landing on the card would be enough to compensate for falling off the building.

Can also be qualified with the modifiers "that feller" or simply "'im":

"If he fell off the Co-op, that feller, he'd land in the divvy"

Demeter pointed out that the divvy in question also refers to the money received from the dividend card, a far more likely place to land safely. I really should've known that, you know. Cheers, la