Chelsea Building Society
 | |
| Type | Building Society (Mutual) |
|---|---|
| Industry | Banking and Financial Services |
| Founded | 1875 |
| Headquarters | Cheltenham, England, UK |
| Key people | Chris Pilling, Chief Executive |
| Products | Savings, Mortgages, Insurance |
| Net income | £157 million GBP (December 2012) |
| Total assets | £33.5 billion GBP (December 2012) |
| Parent | Yorkshire Building Society |
| Website | www.thechelsea.co.uk |
Chelsea Building Society is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. At the time of its merger with The Yorkshire in 2010, it was the fourth largest building society in the United Kingdom, with assets in excess of £13 billion.[1] It is a member of the Building Societies Association. Operating mainly in South East England with a network of 35 branches, its two head offices were based in Cheltenham employing over eight hundred staff. The society was established in 1875 as the London & Camberwell Building Society. Three years later, in 1878, the Borough of Chelsea Permanent Building Society was formed. Over the years both societies merged with smaller societies and on 31 December 1966 the two societies merged to create a new society with assets of £30 million. The new society was called the Chelsea and South London Building Society until April 1971 when the name was changed to Chelsea Building Society.
Following the merger in 1966, the administrative headquarters were based in Streatham, with the registered office at 110 Kings Road, Chelsea. In 1973, having outgrown the accommodation at Streatham, the administrative headquarters moved to Thirlestaine Hall in Cheltenham. On 1 July 1988 Chelsea completed a merger with the City of London Building Society, with the name Chelsea remaining unaffected.[2]
In February 2007 they acquired Britannia Capital Securities (BCS), a medium sized independent firm of Secured Loan and Mortgage brokers operating in the UK, in order to further diversify their lending.[4]
The Society remained operational during the 2007 United Kingdom floods, despite having no running water for several weeks.
On 7 June 2008 it was announced by both Catholic Building Society and Chelsea Building Society that they were to merge.[5]
On 10 October 2008, Chelsea revealed £55 million of its liquid assets (1.55%) were invested in the troubled Icelandic banks. Whilst the amount involved is a small percentage of assets, it represents almost one year's operating profit for Chelsea.[6]
On 31 December 2008 the merger between Chelsea Building Society and Catholic Building Society completed.
In August 2009 it was revealed the Chelsea had written off £41m in "potentially fraudulent loans" made in 2006-2008.[7] Although it had made an underlying operational profit of £18m.[8][9]
A new temporary Chief Executive, Stuart Bernau, was appointed to fill the space left by former Chief Executive Richard Hornbrook in August 2009, and also to conduct a systematic review of Chelsea's future. The findings were announced to the press the week beginning 30 November 2009.[10]
Merger with Yorkshire
On 1 December 2009, Chelsea announced being in advanced merger talks with Yorkshire Building Society.[11] The following day they announced a formal merger.[12] At a Special General Meeting in Bradford on 23 January 2010, Yorkshire Building Society members approved the merger proposal.[13]
The merger completed on 1 April 2010. Shortly afterward, Yorkshire announced the closure of Chelsea's operational presence at the original Cheltenham Head Office in Thirlestaine Road by 2011, relocating the remaining staff to the second, smaller site at the old Charlton Kings railway station.
Present Day
Chelsea today is part of the Yorkshire Building Society Group, which comprises; Yorkshire Building Society, Norwich and Peterborough Building Society, Barnsley Building Society, Accord Mortgages, and Egg Banking. All brands (except Egg), have a distinctive and active presence in the UK. Collectively the group employs 4,100 staff throughout the UK and services 3.5 million members.[14] Chelsea has 35 branded branches, mainly in the southern areas of England with a large number of these in London.
External links
References
- ↑ Building Societies Association - Asset List (PDF)
- ↑ Chelsea; Our History
- ↑ Chelsea key facts and figures
- ↑ Chelsea Press Release 9 February 2007
- ↑ Chelsea Press Release 7 June 2008
- ↑ Chelsea Press Release 10 October 2008
- ↑ "£41M Fraud Hits Building Society". BBC News. 21 August 2009. Retrieved 28 April 2010.
- ↑ Chelsea Press Release , August 2009
- ↑ "£41m fraud hits building society". BBC News. 21 August 2009. Retrieved 2010-01-24.
- ↑ Daily Mail Article , 28 November 2009
- ↑ "The Chelsea and Yorkshire building societies may merge". BBC News. 2009-12-01. Retrieved 2009-12-01.
- ↑ "Yorkshire and Chelsea building societies agree merger". BBC News. 2009-12-01. Retrieved 2009-12-01.
- ↑ "Chelsea Building Society merger approved". BBC News. 23 January 2010. Retrieved 2010-01-24.
- ↑ "Yorkshire Building Society plans £160m investment". Yorkshire Post. 2013-02-21. Retrieved 2013-02-21.