Oddfellows Society Takes on £45m of Druids Sheffield Business
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The Oddfellows Friendly Society is to take over the assets of the Druids Sheffield Friendly Society, including its Child Trust Fund ISA and life assurance business.
The deal will increase the Oddfellows’ assets by £45m to over £460m and result in a combined membership base of over 320,000.
This is the fourth such transfer in eight years for the Oddfellows, following the successful absorption of the Ideal Benefits Friendly Society, the Nottingham Friendly Society and the Schoolteachers Friendly Society.
Jane Nelson, Chief Executive of the Oddfellows, said: “There is still a place for the friendly society movement in Britain but growing regulatory and capital adequacy requirements mean friendly societies need economies of scale.
Paul Protheroe, Chief Executive of the Druids, said: “The Oddfellows offers a financial strength, quality of governance and a shared respect for members and history. By joining forces we have a stronger capital base that will make us stronger and better able to offer competitive member benefits.
“We carried out a long and thorough process in deciding who to transfer to. The Oddfellows has a fantastic record for looking after its members and a strong branch structure, so we know our members will be warmly welcomed.”
Following the transfer, the Druids Sheffield business is expected to continue to operate under the Druids Sheffield brand with administration transferred into the Oddfellows operations in Manchester and Liverpool. Druids Sheffield will have representation on the Oddfellows management committee responsible for the long-term business.