JC Flowers Buys 49 Per Cent Stake in Kent Reliance Building Society

Chatham Kent England – Monday, July 12, 2010 – ShutterVoice – The twelfth largest building society in the United Kingdom, Kent Reliance Building Society has sold 49 per cent of their equity to American investor JC Flowers for £50 Million UK Pounds – $75 Million US Dollars.

The society has headquarters in Chatham Kent the company dates back to 1847, they have audited assets of over £2.2 Billion UK Pounds – $3.3 Billion US Dollars. The 2010 customer base is more than 180,000 account holders, serviced by only four branch offices as the bulk of business and transactions are executed online.

Other building societies that are ripe for investment include the  Norwich & Peterborough BS and the Newcastle BS.

Many UK building societies have been in financial trouble for over two years, the Northern Rock BS failed and had to be rescued by the last British Labour Government when the hapless Gordon Brown was the Prime Minister

‘Interesting that American investors are entering the UK building society market!’