371:. By 1931 the society considered itself number 22 in the industry. In that year Thomas Daffern died, having run the society for 47 years. Control passed to his son Thomas junior, who had been made joint secretary in 1924 with William Heatley, a long-standing assistant to the founder since 1897. The society continued to be run by Daffern & Co staff who still made all the payments. New management brought with it a change in strategy. Having committed itself to new branches in 1928, the emphasis was now firmly behind regional growth through the agency network. Helped by a substantial increase in private housebuilding, membership increased from 15,000 in 1932 to 21,000 in 1939.
388:. From 1960 the Coventry Economic (which had just shortened its name) expanded via branches from Sheffield to Milton Keynes. In that decade, 13 branches were opened followed by a further 28 in the 1970s. There were also three acquisitions: the Coventry & District Permanent Money Society in 1970; the Stourbridge, Lye & District Permanent Building Society in 1976; and the Coventry Provident Building Society in 1983. This latter merger led to a further reduction in the society's name to the Coventry Building Society. Assets grew from £24 million in 1960 to over £500 million in 1983.
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405:, then the tenth largest, operating through a branch network of 22 offices and 22 agencies. This added a mortgage book of £3.3 billion, and increased total assets to £22 billion. In the course of the next decade, assets more than doubled, and in 2019 the society, operating out of around 70 branches, had assets of almost £50bn. This made it the second largest building society in the country, a rank it continued to hold in 2022.
380:
completely disentangled and the society was running all its own business. Both
Daffern junior and Heatley were in their sixties and duly made their exit. Directors were brought in with outside experience, and a coherent strategy established. In 1953 the chairman stressed the need to open branches as the society had been trying to lend nationally but with investment drawn locally. Finally, in 1958 a branch was opened in
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appointed
Secretary of the Leigh Mills Company in 1876 at the age of 22, a post he held for 20 years. Among the other interests he developed were as a shipping agent, auctioneer and insurance broker, and he later formed a stockbroking partnership. However, the impetus for the formation of the building society was Daffern's position as Secretary of the Coventry 178th
362:
After the First World War, the
Coventry was still a local society in a local market. There was no out-of-town representation and there were no national societies with branches in Coventry. However, from the late 1920s, the national societies began to open offices in Coventry. In response, the society
341:
When Thomas resigned from Leigh Mills in 1876 he established
Daffern & Co to consolidate what was now a wide range of entrepreneurial activities. He continued to run the building society, acting more as proprietor than secretary, paying the society's wages out of his personal remuneration. At the
333:
The
Coventry Permanent Economic Building Society was formed in 1884, much later than many of the large building societies. It was founded by Thomas Mason Daffern, described as a local bookkeeper. Daffern controlled the society for almost half a century, after which his son took over. Thomas had been
379:
In the early post-war years, the management had continued to strengthen the agency network; the Oxford branch had been a success but not
Solihull, which had been leased to estate agents who acted for the society. It was not until 1951 that the anachronistic relationship with Daffern & Co was
396:
Following the merger with the
Coventry Provident, there were no more acquisitions for the next 27 years. Organic growth, helped by substantial monetary inflation, took the society's assets to over £18 billion at the end of 2009. One of the features of the society was its resilience in the
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industries and by the start of the War membership had risen to 1,900, and assets had risen from £21,000 to £104,000. Membership continued to increase during the war and assets more than doubled.
540:
338:, an early form of mutual loan society. The terminating nature of the Starr-Bowkett showed the need for a permanent entity and that was the genesis of the Coventry Economic.
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342:
end of its first year the society had 128 members, rising to a peak of 481 in 1892, and staying at that level until the turn of the century. From then until the
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was appointed as chairman of the board in April 2022. He had previously held various senior roles in
British banks, including four years as chairman of
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401:: it was one of only two societies that was able to access the unsecured long-term wholesale bond market. In 2010 the Coventry acquired the
316:. It is the second largest in the United Kingdom with total assets of more than £62 billion at 31 December 2023. It is a member of the
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435:), as well as offering a variety of mortgage products to first time buyers, home-movers, remortgage customers and
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The society provides a range of savings products, including regular savings accounts, fixed term bonds and ISAs (
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http://www.cylex-uk.co.uk/reviews/viewcompanywebsite.aspx?firmaName=daffern+%26+co&companyId=16861126
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https://www.coventrybuildingsociety.co.uk/consumer/our-performance/financial-results/archive.html
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In
December 2023 it was reported that the Coventry was negotiating a potential acquisition of
320:. The society has over 1.6 million saver-members and a further 460,000 borrower-members.
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650:"Coventry Building Society outperforms the market to remain one of the UK's largest lenders"
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In May 2021, the society announced it had agreed a ten-year naming rights deal with
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412:(formerly Ricoh Arena), a major sports, events and conference venue in the city.
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enjoyed substantial economic growth based on the success of the bicycle, car and
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Everyman his own
Landlord a History of the Coventry Building Society
721:"Coventry Building Society makes £780m offer for Co-operative Bank"
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368:
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702:"Co-operative Bank in merger talks with Coventry Building Society"
755:"Coventry Building Society and Co-op Bank £780m tie-up confirmed"
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The society was awarded Best Offset Mortgage Lender in the 2016
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and the Prudential Regulation Authority. It is a member of the
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419:. The purchase was confirmed in May 2024 at a price of £780
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541:"Coventry Building Society News Release 29 February 2024"
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Independent building societies in the United Kingdom
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374:
491:The current CEO is Steve Hughes, previously CEO of
453:The Coventry Building Society is authorised by the
810:. Coventry Building Society. 2013. Archived from
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676:"Coventry Building Society Arena | Partnerships"
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446:Awards and Best Lender Website in the 2017
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27:British building society based in Coventry
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700:Makortoff, Kalyeena (21 December 2023).
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392:Society becomes the industry number two
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467:Financial Services Compensation Scheme
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719:Makortoff, Kalyeena (18 April 2024).
614:. Warwick: Coventry Building Society.
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590:"Leigh Mills Co: 1920 – Graces Guide"
553:from the original on 29 February 2024
403:Stroud & Swindon Building Society
596:
13:
654:Business & Innovation Magazine
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1242:Organizations established in 1884
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680:www.coventrybuildingsociety.co.uk
375:Change to growth through branches
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636:Coventry B.S. results archive:
499:’s general insurance business.
455:Prudential Regulation Authority
410:Coventry Building Society Arena
18:Coventry Building Society Arena
1252:1884 establishments in England
958:Building Societies Association
753:Dorrell, Chris (24 May 2024).
668:
642:
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618:
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473:and the UK Cards Association.
463:Building Societies Association
318:Building Societies Association
1:
1232:Building societies of England
963:Banking in the United Kingdom
502:
493:Principality Building Society
476:
794:"What Mortgage Awards: 2017"
780:"What Mortgage Awards: 2016"
81:; 140 years ago
7:
1247:Companies based in Coventry
808:"Coventry Building Society"
796:. What Mortgage. July 2017.
782:. What Mortgage. July 2016.
459:Financial Conduct Authority
426:
10:
1268:
495:, and finance director of
457:and regulated by both the
433:Individual savings account
399:2007–2008 financial crisis
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1237:Banks established in 1884
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863:Coventry Building Society
838:Coventry Building Society
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302:Coventry Building Society
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33:Coventry Building Society
16:Not to be confused with
358:Growth through agencies
624:still in existence as
610:Davis, Martin (1985).
573:"BSA Yearbook 2023/24"
417:The Co-operative Bank
336:Starr-Bowkett Society
1166:Tipton & Coseley
546:. 29 February 2024.
497:Lloyds Banking Group
814:on 10 February 2007
578:. 27 February 2023.
363:opened branches in
257:Number of employees
106:Number of locations
34:
1046:Hinckley and Rugby
656:. 28 February 2022
70:Financial services
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1091:National Counties
1071:Market Harborough
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344:First World War
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859:"Steve Hughes"
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448:What Mortgage
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444:What Mortgage
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1121:Principality
1061:Loughborough
1021:Earl Shilton
1000:
894:Banks portal
868:28 September
866:. Retrieved
862:
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843:28 September
841:. Retrieved
837:
828:
816:. Retrieved
812:the original
802:
788:
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762:. Retrieved
758:
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736:. Retrieved
725:The Guardian
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706:The Guardian
705:
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683:. Retrieved
679:
670:
660:28 September
658:. Retrieved
653:
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632:
620:
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584:
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555:. Retrieved
535:
525:28 September
523:. Retrieved
519:
516:"Your Board"
510:
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443:
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430:
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407:
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361:
352:machine tool
340:
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301:
299:
272:2,824 (2022)
269:3,000 (2023)
238:Total equity
218:Total assets
94:Headquarters
47:Company type
29:
1126:Progressive
1056:Leek United
557:29 February
439:landlords.
1226:Categories
1111:Nottingham
1096:Nationwide
1011:Darlington
1006:Cumberland
503:References
477:Key people
437:buy to let
198:Net income
127:(chairman)
116:Key people
1181:Yorkshire
1106:Newcastle
1066:Mansfield
1041:Harpenden
991:Cambridge
764:28 August
733:0261-3077
469:, the UK
423:million.
386:Leicester
384:and then
308:based in
154:mortgages
1200:Category
1161:Teachers
1136:Scottish
1001:Coventry
981:Beverley
738:18 April
548:Archived
450:Awards.
427:Services
382:Nuneaton
369:Solihull
348:Coventry
310:Coventry
142:Products
98:Coventry
62:Industry
1156:Swansea
1151:Suffolk
1141:Skipton
1131:Saffron
1116:Penrith
1101:Newbury
1076:Marsden
1031:Furness
1026:Ecology
996:Chorley
685:26 July
324:History
314:England
280:Website
160:Revenue
150:savings
146:Banking
84: (
76:Founded
66:Banking
1211:Portal
1209:
1198:
1171:Vernon
1081:Melton
1016:Dudley
759:CityAM
731:
465:, the
421:
365:Oxford
251:(2023)
231:(2023)
211:(2023)
191:(2023)
171:(2023)
55:mutual
1051:Leeds
818:2 May
576:(PDF)
551:(PDF)
544:(PDF)
304:is a
976:Bath
870:2022
845:2022
820:2013
766:2024
740:2024
729:ISSN
687:2021
662:2022
559:2024
527:2022
367:and
300:The
152:and
86:1884
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53:, (
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
