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395:. Once the Financial crisis took hold this had two negative consequences. Firstly, the business had been brought at a high cost, and due to the broader financial crisis, Sub Prime lending was effectively banned due to its high risk. Therefore, the purchase of Britannia Capital Securities did not provide the Society with the profit and return on the investment they had hoped for. Secondly, the customers who had already taken out sub prime loans and mortgages were essentially customers with previous credit issues and were more likely to default on loans than prime customers, especially during a
430:"Chelsea has an excellent reputation, particularly in the savings market, and a strong network of branches in the south. Combining forces with them will strengthen our ability to deliver value to members through good value products and excellent service, underpinned by our significant financial strength. Together, our combined expertise will deliver a competitive, member-owned organisation, which will provide real choice to consumers across the UK".
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Chelsea was first established in 1875 as the London & Camberwell
Building Society. Three years later, in 1878, the Borough of Chelsea Permanent Building Society was formed. Over the years both societies merged with smaller societies and on 31 December 1966 the two societies merged to create a new
421:
Due to the ongoing issues, the Chief
Executive, Richard Hornbrook, left the Society and a temporary Chief Executive, Stuart Bernau, was appointed in August 2009. His role was also to conduct a systematic review of Chelsea's future. The findings were announced to the press in the week beginning 30
425:
In comparison, for many years, Yorkshire had focused primarily on traditional lending and did not have as much exposure to the risks that
Chelsea did. With large reserves of liquidity, they were in a good financial position to acquire several Societies through mergers. Chelsea still had a strong
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drastically cut the Base Rate. This generally results in lenders reducing the rates they pay on their savings products and lowering the rates charged to borrowers. However, Chelsea had for several years focused on offering fixed-rate bonds to its savers. Many of them market-leading and regularly
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appearing in "best buys". On the one hand this helped the
Society to plan longer-term by securing money for a fixed period at a fixed rate. However some of these bonds were paying in excess of 6%, meaning due to the unforeseen cut in the Base Rate they were now costing Chelsea money.
219:. In January 2016, Yorkshire Building Society announced that seven of the Chelsea's branches would close, with the remainder rebranded as Yorkshire. This essentially means Chelsea is an online only brand and currently provides basic savings accounts and mortgage products.
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The merger completed on 1 April 2010. Shortly afterwards, Yorkshire announced the closure of
Chelsea's operational presence at the original Cheltenham Head Office in Thirlestaine Road by 2011, relocating the remaining staff to the second, smaller site at the former
406:
mortgage book which had been underwritten between 2006 and 2008. Although
Chelsea wasn't the only lender to be targeted by Buy to Let fraud, its lending criteria and poor due diligence on the properties it was loaning money on, had allowed it to take place.
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Although
Chelsea had made an underlying operating profit that year of £18m and the fraudulent loans did not necessarily equate to a £41m loss by writing off the fraudulent loans it caused the Society to report an overall loss for the second year running.
352:
In
January 2016, it was announced that seven of the Chelsea's branches would close by September, with the rest to be rebranded under the Yorkshire brand. Products and services under the Chelsea brand would continue to be available online and by telephone.
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In
February 2007 the society acquired Britannia Capital Securities, a medium-sized independent firm of secured loan and mortgage brokers operating in the UK, in order to further diversify their lending. The society remained operational during the
349:, known as Thirlestaine Park. Much of what Chelsea had constructed to accommodate its business needs was demolished and the Grade 2 listed Thirlestaine Hall was converted into luxury flats, with the copper-domed observatory preserved.
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Following the merger in 1966, the administrative headquarters were in
Streatham, with the registered office at 110 Kings Road, Chelsea. In 1973, having outgrown the accommodation at Streatham, the administrative headquarters moved to
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The second smaller Head Office site gradually reduced its staff as it transitioned functions to the Yorkshire Head Office in Bradford. The Charlton Kings offices were officially closed at the end of 2019. It was later sold to
440:
The boards of both Societies mutually agreed a merger would be beneficial to both Societies and recommended members approve the proposal, which they ultimately did, becoming effective on 1 April 2010.
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society with assets of £30 million. The new society was called the Chelsea and South London Building Society until April 1971 when the name was changed to Chelsea Building Society.
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329:. The following day they announced a formal merger. At a Special General Meeting in Bradford on 23 January 2010, Yorkshire Building Society members approved the merger proposal.
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intensified, several of Chelsea's weaknesses in its business model and risks that it had taken in preceding years began to affect the financial stability of the Society.
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reputation and was particularly attractive as it had an extensive branch network in the south of England, where in comparison, Yorkshire had only a minimal presence.
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and Chelsea Building Society that they were to merge. The merger between the Chelsea and the Catholic Building Society completed on 31 December 2008.
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in the United Kingdom, with assets in excess of £13 billion and 35 branches, mainly in the southern areas of England, particularly in London.
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November 2009, which ultimately recommended that a merger with Yorkshire would be in the best interests of the Society and its members.
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who downgraded their rating to "Baa3". This lower rating made it significantly more challenging for the Society to attract deposits.
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380:. While the amount involved was only a small percentage of assets, it represented almost one year's operating profit for Chelsea.
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In August 2009 it was revealed Chelsea had written off £41m in "potentially fraudulent loans", mainly from its
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On 10 October 2008, Chelsea revealed £55 million of its liquid assets (1.55%) were invested in the troubled
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The above issues caused confidence in the Society to fall, both with members and rating agencies such as
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399:. This was a long-term uncertainty that Chelsea had to take into consideration and make provisions for.
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In February 2007, Chelsea had brought Britannia Capital Securities to further develop its lending into
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In 2005 Chelsea opened a purpose-built customer contact centre close to the Head Office at the former
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204:. Chelsea merged with the Yorkshire in 2010, at which point Chelsea was the fourth largest
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650:"Buyers snap up apartments at former Chelsea Building Society premises in Gloucestershire"
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On 1 December 2009, Chelsea announced that it was in advanced merger talks with
302:" credentials. Its two offices in Cheltenham employed over eight hundred staff.
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Chelsea now forms part of the Yorkshire Building Society Group, alongside
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Iain Cornish, Previous Chief Executive - Yorkshire Building Society
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672:"Yorkshire Building Society announces branch closures and rebrand"
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694:"Spirax Sarco honours founder as it opens new Cheltenham office"
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A branch of the Chelsea in Bristol, displaying pre-YBS branding
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Yorkshire Building Society trading as Chelsea Building Society
872:"Yorkshire and Chelsea building societies complete merger"
920:
553:"The Chelsea and Yorkshire building societies may merge"
575:"Yorkshire and Chelsea building societies agree merger"
823:"Chelsea Building Society hit by £41m mortgage fraud"
310:, despite having no running water for several weeks.
271:. On 1 July 1988 Chelsea completed a merger with the
850:"Yorkshire and Chelsea building societies to merge"
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459:Building Societies Association - Asset List (PDF)
365:Factors leading to the merger with the Yorkshire
1491:Former building societies of the United Kingdom
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275:, with the name Chelsea remaining unaffected.
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696:. punchline-gloucester,co.uk. 5 August 2021
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597:"Chelsea Building Society merger approved"
321:Merger with the Yorkshire Building Society
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217:Norwich and Peterborough Building Society
734:"Chelsea Building Society Final Results"
383:In response to the Financial crisis the
313:On 7 June 2008 it was announced by both
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926:KPMG Building Societies Database 2008
830:from the original on 11 December 2022
715:Chelsea Press Release 10 October 2008
523:Chelsea Press Release 9 February 2007
361:who moved into the building in 2021.
336:Thirlestaine Hall and its copper dome
7:
874:. whatinvestment.co.uk. 1 April 2010
852:. theguardian.co.uk. 2 December 2009
652:. South West Business. 9 August 2013
79:31 December 1966 (current structure)
826:. Financial Times. 21 August 2009.
800:"£41m fraud hits building society"
781:Chelsea Press Release, August 2009
756:"£41M Fraud Hits Building Society"
628:National Heritage List for England
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1501:Organizations established in 1875
534:Chelsea Press Release 7 June 2008
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273:City of London Building Society
259:with a network of 35 branches.
18:City of London Building Society
1511:1875 establishments in England
987:Building Societies Association
921:Building Societies Association
736:. Investegate. 6 February 2008
343:Charlton Kings railway station
280:Charlton Kings railway station
253:Building Societies Association
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1506:Companies based in Cheltenham
1275:Louth, Mablethorpe and Sutton
992:Banking in the United Kingdom
623:"Thirlestaine Hall (1388140)"
505:Chelsea key facts and figures
371:Financial crisis of 2007–2008
282:as a commitment to keep its
103:Susan Allen, Chief Executive
674:. BBC News. 27 January 2016
599:. BBC News. 23 January 2010
577:. BBC News. 1 December 2009
555:. BBC News. 1 December 2009
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802:. BBC News. 21 August 2009
327:Yorkshire Building Society
308:2007 United Kingdom floods
231:Chelsea Building Society,
213:Yorkshire Building Society
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164:Yorkshire Building Society
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359:Spirax-Sarco Engineering
190:Chelsea Building Society
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255:and operated mainly in
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464:27 March 2009 at the
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939:at Wikimedia Commons
286:UK based, which won
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27:UK building society
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876:. Retrieved
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1345:Scarborough
1260:Lancastrian
1170:Dunfermline
177:.thechelsea
1485:Categories
1400:Temperance
1360:St Pancras
1330:Portsmouth
1290:Mornington
1285:Mid Sussex
1280:Mercantile
1175:Eastbourne
1165:Derbyshire
806:24 January
740:24 January
678:27 January
603:24 January
581:1 December
559:1 December
447:References
404:Buy to Let
269:Cheltenham
128:Net income
99:Key people
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1415:Universal
1410:Tynemouth
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1200:Greenwich
1130:Chilterns
1080:Britannia
878:2 January
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834:1 January
700:2 January
397:recession
347:care home
196:based in
120:Insurance
116:Mortgages
1459:Category
1440:Woolwich
1375:Standard
1355:Shepshed
1250:Ketley's
1205:Guardian
1125:Cheshunt
1120:Cheshire
1095:Catholic
1030:Barnsley
828:Archived
784:Archived
766:28 April
760:BBC News
718:Archived
656:10 April
537:Archived
508:Archived
462:Archived
433:—
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215:and the
198:Bradford
108:Products
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1335:Regency
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1320:Peckham
1255:Lambeth
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1195:Gateway
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1105:Chelsea
1100:Century
1085:Burnley
1045:Bexhill
1035:Bedford
973:Former
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170:Website
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836:2022
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742:2010
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680:2016
658:2014
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181:.uk
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