Investments  

Nottingham and Shepshed societies complete merger

The smaller building society’s 7000-strong membership joined the Nottingham with immediate effect from 1 July when both parties agreed to complete the deal, pending regulatory approval.

The merger was first announced in December last year after the Nottingham approached the board of Shepshed. However the deal was only approved by the Prudential Regulation Authority last month.

Shepshed’s three branches in Shepshed, Loughborough and Ruddington were added to the 31 owned by Nottingham which, according to the Building Societies Association data, is Britain’s ninth biggest building society.

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David Marlow, chief executive of the Nottingham, said the building society had completed the merger on time and all customer data had been migrated ahead of the target date of 1 July.

He said the Nottingham had already refurbished and relocated branches as part of the merger, and intended to make a “major investment” in Shepshed this summer.

Mr Marlow said: “We said that there would be no compulsory redundancies as a result of the merger and we have achieved this through individual consultation with staff at the Shepshed, giving staff the opportunity to continue their careers as part of the Nottingham family.”