Principality Building Society

Principality Building Society
Cymdeithas Adeiladu'r Principality
Building Society (Mutual)
Industry Banking and Financial Services
Founded 1860
Headquarters Cardiff, Wales
Number of locations
 71
Key people
 Steve Hughes (Chief Executive)
Laurence Adams (Chairperson)
Products Savings, Mortgages, Investments
Revenue
  • Decrease GBP 136.2 million (2016)
  • GBP 141.8 million (2015)
  • Increase GBP 39.1 million (2016)
  • GBP 37.7 million (2015)
Total assets
  • Increase GBP 8281.2 million (2016)
  • GBP 7584.4 million (2015)
Number of employees
 1092
Website www.principality.co.uk

The Principality Building Society, (Welsh: Cymdeithas Adeiladu'r Principality), is a Welsh building society based in Cardiff, the capital of Wales. With assets of £8bn it is the largest building society in Wales and the sixth largest[1] in the United Kingdom. Principality Building Society is mutual, which means it is owned by its members rather than shareholders. It serves clients through the internet and telephone as well as at high street branches. It is a member of the Building Societies Association.

History

The Principality Buildings in Queen Street, Cardiff, the headquarters of the Principality Building Society

It was founded in 1860 in Cardiff by William Sanders as a mutual building society.[2] In 1914 the Principality Buildings were built to house the society. In January 1974 the society acquired the Aberavon Mutual Permanent Building Society. Principality acquired Parkhurst and Peter Alan estate agents in 1987, and the merged entity was later sold to Connells Group for £16.4m in 2014.[3] A site for a new head office to accommodate the expanding business was acquired in 1989 and Principality House in The Friary was opened in 1992.[4][5]

The company acquired Loan Link Limited in 2004. This gave Nemo Personal Finance Ltd, a subsidiary, the opportunity to launch in 2005. In 2013 the company acquired Mead Property Services (covering Buckinghamshire, Berkshire and Oxfordshire) and Thomas George (covering Cardiff and south Wales).

On 8 September 2015, Principality Building Society announced that they had purchased the naming rights to the Millennium Stadium in a 10-year deal. From 1 January 2016 it will be known as the Principality Stadium.[6]

Principality Stadium, earlier known as the Millennium Stadium in Cardiff

Steve Hughes, Principality's Chief Executive is also chair of BITC (Business in the Community).

Mergers and acquisitions

The following building societies merged into the Principality Building Society:

  • Bridgend Building Society in 1959
  • Urban Building Society in 1962
  • Maesteg Permanent Benefit Society in 1968
  • Aberavon Mutual Permanent Building Society in 1974
  • Swansea & Carmarthen Building Society in 1974
  • Llanelli Permanent Building Society in 1977
  • District Building Society in 1978
  • Gorseinon Building Society in 1979
  • Chatham Building Society in 1985

Operations

The Principality branch network
Shrewsbury branch
Newport branch
Llandeilo branch

It has 53 branches and 18 agencies across Wales and the English border, and employs around 1,100 people. In 2005 it expanded into personal loans with the creation of a new company called Nemo Personal Finance Ltd. In the same year as launching Nemo Loans, Principality revamped its image. It won the 2005 'Business of the Year' award for Wales and the West Country. The assets of the group increased to £4.4bn in the same year and to £6.7bn in 2012.

Subsidiaries

  • Mead Property Management
  • Thomas George Lettings Agent...

References

  1. ↑ http://www.principality.co.uk/en/About-Us/Media-Centre/20130731-Principality-grows-to-sixth-largest-building-society-in-the-UK.aspx
  2. ↑ http://www.angelfire.com/ga/BobSanders/CDFF3.html
  3. ↑ "Peter Alan Poised for Growth Under new owner". Newsco Insider Limited. 28 August 2014. Retrieved 27 September 2015.
  4. ↑ "Mergers and Name Changes" (PDF). Extract from BSA Yearbook 2013/14. Building Societies Association. 4 October 2013. Archived from the original (PDF) on 9 November 2013. Retrieved 2 December 2013.
  5. ↑ "Our History". www.principality.co.uk. Retrieved 2016-03-27.
  6. ↑ "Millennium Stadium to be renamed Principality Stadium in historic naming rights deal with WRU". Wales Online. Retrieved 27 September 2015.
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