Tag: consolidation

Nationwide reports rise in underlying pre-tax profits

Nationwide reports rise in underlying pre-tax profits

Britain’s largest building society, Nationwide, has today posted a surge in underlying pre-tax profits. Nationwide said pre-tax profits fell 7% to £317 million – primarily due to accounting changes. However, underlying profits surged 30% to £276 million in the year to 4 April. Meanwhile, the amount written off for bad loans to customers dropped by [...]

May 25, 2011 | 0 Comments More
Yorkshire agrees merger with N&P

Yorkshire agrees merger with N&P

It has been confirmed that Yorkshire Building Society will merger with smaller rival Norwich and Peterborough (N&P) Building Society. The announcement comes after much consolidation in Britain’s mutual sector, as a result of funding pressures. Meanwhile, the news comes after N&P, which is Britain’s tenth largest society, was fined earlier this week by the Financial [...]

April 20, 2011 | 0 Comments More
Yorkshire Building Society in talks with N&P

Yorkshire Building Society in talks with N&P

It has been revealed that Yorkshire Building Society is in talks with smaller rival Norwich and Peterborough (N&P) which could lead to an acquisition. The announcement comes after much consolidation in Britain’s mutual sector, as a result of funding pressures. Late last year, Coventry Building Society and Stroud & Swindon merged, creating a business with [...]

March 20, 2011 | 0 Comments More
Norwich & Peterborough confirms merger interest

Norwich & Peterborough confirms merger interest

Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger. The building society, which is Britain’s tenth largest, said it had received “a number of expressions of interest,” as well as the possibility for the injection of fresh capital. In a statement, the firm said: “Like other [...]

December 16, 2010 | 0 Comments More
Nationwide first-half profits up 26%

Nationwide first-half profits up 26%

Britain’s largest building society, Nationwide, has today posted a surge in first half profits. Nationwide said pre-tax profits for the six months to September 30 were £147 million, up from £117 million in the same period a year ago. The company, which is the country’s second-biggest mortgage lender, added that bad debts dropped by 44% [...]

November 23, 2010 | 0 Comments More
Plans to create UK supermutual

Plans to create UK supermutual

The Observer newspaper has today reported that US private equity firm, JC Flowers, might bid for four UK building societies as part of plans to create a new “supermutual”, that could be sold via a partial flotation. It is believed that West Bromwich, Skipton, Norwich & Peterborough and Principality are being targeted. However, JC Flowers [...]

October 24, 2010 | 0 Comments More
Thomas Cook and Co-operative travel agents to merge

Thomas Cook and Co-operative travel agents to merge

It has been announced today that high street travel agents, Thomas Cook and the Co-operative Group, are to merge their chain of travel agents. However, the deal will bring “inevitable“ job losses due to overlap within the two companies. The transaction will create a 1,200-branch network and will save more than £35 million a year [...]

October 8, 2010 | 0 Comments More
Coventry Building Society announces record results

Coventry Building Society announces record results

Coventry Building Society, which is scheduled to finalise its merger with smaller rival Stroud & Swindon next month, has today announced record results for the six months ending June 30. The UK’s third largest building society said pre-tax profit grew by 20% to £43.5 million - compared with £36.2 million in the same period a [...]

August 18, 2010 | 0 Comments More
US drugs giant announces 6,000 job cuts

US drugs giant announces 6,000 job cuts

Pfizer has announced plans to reduce its global headcount by 6,000 over the next five years as part of a major restructure. The company, which is the world’s largest drug maker, said the jobs represent almost a fifth of its workforce and said it will also close manufacturing sites in Ireland and scale back operations [...]

May 18, 2010 | 0 Comments More
United and Continental Airlines in merger

United and Continental Airlines in merger

The world’s largest carrier has been created via a merger between United Airlines and Continental Airlines, as consolidation spreads throughout the industry. The two US airlines expect the merger to deliver savings of more than $1 billion a year. The deal, which is worth $3.2 billion (£2.1 billion), will see a company that will carry [...]

May 3, 2010 | 0 Comments More
British Airways and Iberia sign merger deal

British Airways and Iberia sign merger deal

It has been confirmed that British Airways (BA) and Spanish airline Iberia have signed a deal to merge their operations. The merger, which was provisionally agreed last November, will be finalised this year and is set to create one of the world’s largest airline groups, flying to more than 200 destinations The new company, which [...]

April 8, 2010 | 0 Comments More
Coventry and Stroud confirm merger deal

Coventry and Stroud confirm merger deal

Earlier this month, it was reported that Coventry Building Society was in merger talks with its smaller rival, the Stroud & Swindon. Today, however, the talks have been confirmed and the merger will bring together the country’s third and eleventh largest building societies. The merger, which is subject to approval by the members of Stroud [...]

March 23, 2010 | 0 Comments More
Coventry Building Society in merger talks with Stroud & Swindon

Coventry Building Society in merger talks with Stroud & Swindon

According to reports this weekend, Coventry Building Society is in merger talks with its smaller rival, the Stroud & Swindon. The talks follow a series of recent mergers between Britain’s building societies and, should a deal be successful, will bring more consolidation to the mutual sector. The news comes as Coventry, which is the country’s [...]

March 7, 2010 | 1 Comment More
Skipton BS to merge with loss-making Chesham

Skipton BS to merge with loss-making Chesham

There is further evidence today of consolidation within the mutual sector after it has emerged that Skipton Building Society is to merge with loss-making rival Chesham. Skipton, which is Britain’s fourth largest building society, took over Scarborough BS last summer. Skipton is regarded as one of the stronger building societies by the Financial Services Authority. [...]

February 24, 2010 | 0 Comments More
Nationwide introduces low personal loan rates

Nationwide introduces low personal loan rates

Those wishing to consolidate their dates after the expensive Christmas period may be interested to learn about the Nationwide’s new loan deals, which were launched earlier this week. Nationwide has introduced a new personal loan rate of 7.6% APR typical for loans of between £7,500 and £14,999 for up to five years for its main [...]

January 7, 2010 | 0 Comments More
More woes for airline industry as losses to soar in 2010

More woes for airline industry as losses to soar in 2010

The International Air Transport Association (IATA) is forecasting big losses for the airline industry next year but added that “the worst is likely behind us”. According to the industry body, airlines will suffer losses of $5.6 billion (£3.5 billion) in 2010 - an increase from the $3.8 billion it originally predicted. IATA said that European [...]

December 15, 2009 | 0 Comments More
Yorkshire and Chelsea building societies in merger talks

Yorkshire and Chelsea building societies in merger talks

It has been reported that the Yorkshire Building Society is in talks with the Chelsea Building Society about a possible merger. Should a deal prove to be successful between the Yorkshire and Chelsea, it would create an institution with over 2 million customers and assets of around £38 billion. The deal will be the biggest [...]

December 1, 2009 | 0 Comments More
US pharmaceutical giant could axe jobs in UK

US pharmaceutical giant could axe jobs in UK

A major restructure at US pharmaceutical giant, Eli Lilly, is set to put UK jobs at risk. The company has announced details of a restructuring programme, which it described as the most significant in its history, will see global headcount reduced by 14% over the next two years. The Indianapolis-based drugs company, which has a [...]

September 15, 2009 | 0 Comments More
Newcastle Building Society in advanced talks with Skipton

Newcastle Building Society in advanced talks with Skipton

According to The Mail on Sunday, Newcastle Building Society is in advanced talks with Skipton Building Society, which will see further consolidation within the sector. Newcastle BS, which is the country’s 10th biggest building society, has been struggling after a poor performance in 2008 when it reported losses of £35 million as a result of [...]

July 5, 2009 | 0 Comments More
GSK buys Stiefel to create enlarged dermatology business

GSK buys Stiefel to create enlarged dermatology business

GlaxoSmithKline (GSK), Britain’s largest drugs company, has agreed to buy Stiefel Laboratories in a deal worth $3.6 billion (£2.5 billion). GSK is paying $2.9 billion in cash and will take on $400 million of Stiefel’s net debt. Stiefel, the US skincare specialist based in Florida, produces skin treatments for acne and psoriasis. The group is [...]

April 20, 2009 | 0 Comments More