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Thread: Manchester BS

  1. #31
    HB
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    I think it has done: it has been at pains to point out over recent years the FSCS limit and to encourage members who were above it to reduce.
    Sterling Forever.

  2. #32
    Expert planteria will become famous soon enough
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    right. but my point is that MBS has been operated differently, using members' money which is deposited with it on the basis of it being 'a Building Society', and that money has been protected by the taxpayer - one way or another.

  3. #33
    Junior Member Steve15
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    Looks like the losses have been reduced.

    Manchester Building Society cuts losses


    Losses have been cut and income has risen at Manchester Building Society.
    The mutual increased the latter from ?9.2m to ?9.6m, while full-year losses for the 12 months to 31 December 2017 improved from ?3.35m to ?780,000.
    An operating profit before impairments and provisions of ?1.63m was reported, compared to ?547,000, while administrative expenses reduced by ?700,000 from ?8.66m mainly as a result of reduced professional fees and cost reductions following a detailed review of the Society's cost base.
    There were, however, additional legal fees associated with the claim against Grant Thornton LLP; the mutual previous external auditors.
    Manchester Building Society noted that it "continues to have a strong liquidity position".


    https://www.insidermedia.com/insider...ty-cuts-losses

  4. #34
    Contributor 1User
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    I had a browse of the Manchester website. I see they are closing their only branch next month although they will still have three agencies: Cheshire, Cumbria and Devon.

    There are a few single branch societies around and I seem to recall Kent Reliance tried to go internet only before changing to a Friendly Society. But the Manchester going no branches and an agency in... Devon! Amuses me.

    1User

  5. #35
    Expert planteria will become famous soon enough
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    yes, surprising news..

    "Please note
    Our branch will be closing after 30th April 2018. The closure is due to the lease on the building coming to an end. Low customer use of the branch does not support the Society obtaining new premises elsewhere. Services at the branch will continue as normal up to and including 30th April 2018."

    https://www.themanchester.co.uk/Main/Branch

    our Credit Union is now branchless, and it can work, but it's an unusual mode of operation for a building society.

  6. #36
    BiB
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    Well it's many years since I posted here (previously as The Artist) but I thought this was worth reporting...

    http://downloads.themanchester.co.uk...-may-2018).pdf

    In summary, it appears Manchester have been awarded far less than they hoped in their case against the former auditors and they are also suggesting they will have some liability to pay Grant Thorntons costs.

    I wonder how much longer this can go on for before a rescue is the only option?
    planteria likes this.

  7. #37
    Moderator LinoSack
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    what a mess!

  8. #38
    Expert planteria will become famous soon enough
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    good to see The Artist around again.. yes, a mess. i have no idea where the costs will be, but they could wipe out a big portion of the award.
    regardless of the "strong liquidity position" i'd have thought The Manchester won't be with us for long.


 
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