Nottingham Building Society

The Nottingham Building Society
FormerlyNottingham Permanent Benefit Building Society
Company typeBuilding society (mutual)
IndustryBanking and Financial services
Founded1849; 175 years ago (1849)
HeadquartersNottingham, England, UK
Number of locations
31
Key people
  • Andrew Neden (chairman)
  • Sue Hayes (chief executive)
ProductsSavings, mortgages, investments, insurance
RevenueIncrease £74.6 million (2022)
Increase £18.9 million (2022)
Increase £15.8 million (2022)
Total assetsIncrease £3,812.5 million (2022)
Total equityIncrease £231.6 million (2022)
Number of employees
  • Neutral decrease 513 (2022)
  • 537 (2021)
WebsiteOfficial website Edit this at Wikidata

The Nottingham Building Society is a building society in the UK, with its headquarters in Nottingham, England. It is a member of the Building Societies Association. At December 2022, the Society had total assets of more than £3.8 billion.[1]

The Society was founded in 1849 by a group led by Samuel Fox (1781–1868), a Quaker and prominent local grocer.[a]

The purpose of the society was to promote the construction of a better class of dwellings, suitable for the working and middle classes, as well as provide a safe and profitable place for small savings.

The Nottingham Building Society was one of the first financial institutions to introduce online banking in 1983, with its 'Homelink' service on Prestel.

Branches

The society currently has 31 branches across nine counties, mainly across Nottinghamshire, but there is also a significant presence in Leicestershire, Derbyshire and Lincolnshire.

The society's proposed purchase of a software system faced difficulties in 1992 because of the failing financial circumstances of the system's supplier, Eurodynamics Systems. In the course of a dispute between the society and Eurodynamics regarding non-payment of a number of disputed invoices, the software contract was terminated, both parties arguing that the other was in repudiatory breach of its contractual obligations. In responding to the society's request for an interim injunction compelling the supplier to provide the software, the judge, Chadwick, J (as he then was) sought to maintain the legal path which posed "the least risk of injustice" to the parties, deciding in favour of Nottingham Building Society.[2] Reference to "the least risk of injustice" has since been made in other legal cases.[3]

Notes

  1. ^ Fox had been running a savings scheme with Louisa (Lucy Maria) Woods since the 1830s for students at their Adult School.

References

  1. ^ "The Nottingham 2022 Annual Report and Accounts" (PDF). 18 February 2024. Archived (PDF) from the original on 18 February 2024. Retrieved 18 February 2024.
  2. ^ RICS, Cases - Nottingham Building Society v Eurodynamics Systems, published in 1993, accessed on 6 October 2024
  3. ^ England and Wales High Court (Technology and Construction Court), Lancashire Care NHS Foundation Trust & Anor v Lancashire County Council [2018] EWHC 200 (TCC), paragraph 43, delivered on 8 February 2018, accessed on 6 October 2024
Stub icon

This United Kingdom building society article is a stub. You can help Wikipedia by expanding it.