Following a report in The Observer yesterday, Norwich & Peterborough are the first building society to deny any deal between itself and the private equity group – which is also said to have targeted bids at Skipton, Principality and West Bromwich building societies.
Alison Rolls, spokesperson for Norwich & Peterborough said: “The deal is pure speculation. We have had no talks with the group and will not be having any in the near future.
“Unlike Kent Reliance, we are well capitalized and a financially strong business, therefore we have no reason to join JC Flowers as part of a supermutual.”
She also hinted that the other building societies have shown “no interest” in the deal as of yet.
Building Societies Association (BSA) spokesperson, Rachel Le Brocq said: “JC Flowers ownership of Kent Reliance works for the group, however we do not think that other building societies will be joining the bandwagon.”
She added: “Ownership of building societies is not part of any emerging trend.”
JC Flowers is currently looking to get a 40% stake in Kent Reliance. The building society’s members are expected to agree to proposals by 19 November.
Full transfer of the society’s business will take place on 1 February, 2011.
Click here for the full story on JC Flowers’ plans for a ‘supermutual.’
