Welcome to the Rpoints Forums.
+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast
Results 1 to 10 of 32
Like Tree6Likes

Thread: Manchester BS

  1. #1
    Junior Member Steve15
    Join Date
    Jan 2000
    Posts
    21
    Rep Power
    0

    Manchester BS

    Press release from Mancheter BS

    Manchester Building Society's 2015 Accounts
    The Directors of Manchester Building Society (the "Society") announce that the Society is in the process of finalising its accounts for the year ending 31 December 2015 and plan to issue them before the end of March. The Directors expect the accounts to refer to a material uncertainty surrounding the long-term future of the Society given the continuing decline in the scale of operations.
    The Society has not been active in the lending market since 2013 and has no plans to re-enter the mortgage market in the immediate future. The Society's mortgage assets have reduced by approximately 40% over the last three years. The Society's liquidity position remains strong.
    The Directors will be giving further consideration to the future strategy of the Society over the coming months.
    Enquiries
    Andy Donald - Maitland
    020 7379 5151

  2. #2
    Member cmondynamite
    Join Date
    Mar 2004
    Posts
    38
    Rep Power
    0
    They are obviously looking for someone to take them over then, and as soon as possible by the sound of it. Not sure who would want them though if the director's think there is "a material uncertainty surrounding their long-term future".

  3. #3
    Contributor EarthBoy is an unknown quantity at this point
    Join Date
    Apr 2006
    Posts
    283
    Rep Power
    0
    The Building Societies Association, or whichever regulator is in charge of these things now, will probably put pressure on one of the larger building societies to take the Manchester over.

    It's probably too small for the Nationwide to be interested, but the Yorkshire might step in and save them.

  4. #4
    HB
    HB is offline
    Moderator HB will become famous soon enough
    Join Date
    Apr 2000
    Location
    Bagger Towers
    Posts
    5,439
    Rep Power
    119
    Clearly there will be "no bonus paid to members" whoever ends up with this
    EarthBoy likes this.
    Sterling Forever.

  5. #5
    Moderator LinoSack
    Join Date
    Apr 2000
    Location
    The Virtual World
    Posts
    4,424
    Rep Power
    0
    Sadly if they've waited till they are forced to sell, we as 'owners' are not going to receive a distribution. Once the acquirer is known, I'll be pleased if it gives me a duplicate so I can close up and get my £1k back!

  6. #6
    Moderator LinoSack
    Join Date
    Apr 2000
    Location
    The Virtual World
    Posts
    4,424
    Rep Power
    0
    They issued a new press release on their website dated 1st April that says:

    Manchester Building Society's 2015 Accounts
    Further to the announcement made on 18 March 2016, Manchester Building Society (“the Society”) today announces that its results for the year ended 31 December 2015 will be issued on or before 15 April 2016.
    Enquiries
    Andy Donald - Maitland
    020 7379 5151


    You can find the press releases here: http://www.themanchester.co.uk/Main/PressReleases

  7. #7
    Expert planteria will become famous soon enough
    Join Date
    Apr 2000
    Location
    going down the wednesbury road
    Posts
    3,991
    Rep Power
    104
    a duplicate Lino?
    you can change to a £100 account with Manchester, i assume you know

  8. #8
    Moderator LinoSack
    Join Date
    Apr 2000
    Location
    The Virtual World
    Posts
    4,424
    Rep Power
    0
    Thanks Planteria I didn't know. I've been switched off for a few years.

    I had an ISA with them that had a £1k MOB. Not sure if that's changes but taking a chunk out will be a pain as it would involve arranging a partial transfer to my preferred ISA provider. I'll probably just wait and hope for a final resolution.

  9. #9
    Contributor EarthBoy is an unknown quantity at this point
    Join Date
    Apr 2006
    Posts
    283
    Rep Power
    0
    Quote Originally Posted by planteria View Post
    a duplicate Lino?
    you can change to a £100 account with Manchester, i assume you know
    They are only offering accounts with a minimum balance of £1000 at the moment.

  10. #10
    HB
    HB is offline
    Moderator HB will become famous soon enough
    Join Date
    Apr 2000
    Location
    Bagger Towers
    Posts
    5,439
    Rep Power
    119
    Looking at the 6mth results to June 2015 their assets are dwindling at a fair rate of knots, but they remained profitable, however I guess there comes a point where they can't make money if their higher rate mortgages are being redeemed.

    Question therefore would be who would want take on a boost to their savings balances.
    Sterling Forever.


 
+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts