Manchester Building Society

Last updated

Manchester Building Society
Company type Building society (mutual)
Industry Banking
Financial services
Founded1922
Headquarters Manchester, England
Products Savings
Parent Newcastle Building Society (since 2023)
Website www.themanchester.co.uk

The Manchester Building Society is a British financial services brand that operates as a trading name of Newcastle Building Society which offers savings accounts. Reporting its intention to retain the use of the Manchester Building Society brand beyond that date, the society announced that it had completed its merger with Newcastle Building Society on 1 July 2023. [1]

Contents

History

The society was founded in 1922. It established its head office at 24 Queen Street from where it traded for nearly a century. [2]

The society bought Whiteaway Laidlaw Bank from Home Retail Group in March 2007. [3]

After concerns about its capital adequacy, the society ceased lending to customers in 2013. [4]

The society's management took former auditor, Grant Thornton, to court, claimed it had acted negligently and ultimately caused the capitalisation concerns. Towards the end of 2018, they were awarded a negligible sum versus the initial claim, and forced to pay Grant Thornton's costs which were far in excess of the award. The society took this decision to the Supreme Court where in June 2021 the lower court's decision was overturned. [5]

In February 2023 it was confirmed that the society had agreed to merge with the Newcastle Building Society. [6] The merger was completed on 1 July 2023. [7]

References

  1. ↑ "Merger with Newcastle Building Society". Manchester Building Society. Retrieved 31 August 2023.
  2. ↑ "Manchester Building Society's future in doubt after it reports loss". The Guardian. 15 April 2016. Retrieved 7 October 2025.
  3. ↑ "Manchester BS buys Whiteaway Bank". Money Marketing. 1 March 2007. Retrieved 7 October 2025.
  4. ↑ "Newcastle BS and Manchester BS take next step in merger". Mortgage Solutions. Retrieved 7 October 2025.
  5. ↑ "Manchester Building Society v Grant Thornton LLP [2021] UKSC 20". Lawprof. Retrieved 7 October 2025.
  6. ↑ Fowler, Ryan (21 February 2023). "Newcastle Building Society and Manchester Building Society agree to merge by way of transfer of engagements". The Intermediary - Latest UK mortgage news. Retrieved 4 March 2023.
  7. ↑ "About Us". themanchester.co.uk. Retrieved 4 July 2023.
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