Manchester Building Society

Financial services brand

Founded1922

HeadquartersManchester, England

Manchester Building Society

Company type	Building society (mutual)
Industry	Banking Financial services
Founded	1922
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]

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] In February 2011, private investors led by RBS Equity Finance, which was later spun off from the Royal Bank of Scotland Group and became Pollen Street Capital, bought Whiteaway Laidlaw Bank.^[4]

After concerns about its capital adequacy, the society ceased lending to customers in 2013.^[5]

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.^[6]

In February 2023 it was confirmed that the society had agreed to merge with the Newcastle Building Society.^[7] The merger was completed on 1 July 2023.^[8]

References

↑ "Merger with Newcastle Building Society". Manchester Building Society. Retrieved 31 August 2023.
↑ "Manchester Building Society's future in doubt after it reports loss". The Guardian. 15 April 2016. Retrieved 7 October 2025.
↑ "Manchester BS buys Whiteaway Bank". Money Marketing. 1 March 2007. Retrieved 7 October 2025.
↑ "RBS deal for Whiteaway Laidlaw bank 'deeply worrying', says Chuka Umunna MP". The Telegraph. 1 February 2011. Retrieved 13 June 2015.
↑ "Newcastle BS and Manchester BS take next step in merger". Mortgage Solutions. Retrieved 7 October 2025.
↑ "Manchester Building Society v Grant Thornton LLP [2021] UKSC 20". Lawprof. Retrieved 7 October 2025.
↑ 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.
↑ "About Us". themanchester.co.uk. Retrieved 4 July 2023.

External links

Manchester Building Society
KPMG Building Societies Database 2008

v t e Independent building societies in the United Kingdom
Building Societies Association Banking in the United Kingdom
Bath Beverley Buckinghamshire Cambridge Chorley Coventry Cumberland Darlington Dudley Earl Shilton Ecology Furness Hanley Economic Harpenden Hinckley and Rugby Leeds Leek United Loughborough Mansfield Market Harborough Marsden Melton Monmouthshire National Counties Nationwide Newbury Newcastle Nottingham Penrith Principality Progressive Saffron Scottish Skipton Stafford Suffolk Swansea Teachers Tipton & Coseley Vernon West Bromwich Yorkshire
Category Portal

This United Kingdom building society article is a stub. You can help Wikipedia by expanding it.

Related Articles