1775
The earliest building societies can be traced back to is the industrial revolution, when they were set up as small local organisations whose members pooled funds to allow them to purchase land and build houses. The first known building society was formed in 1775 in Birmingham and like most early societies was 'terminating', meaning the business was closed after all of its members had built their houses.
This changed when societies started accepting deposits from individuals who had no desire to borrow to buy a home, but simply wished to invest their money. No longer terminating, these formed the basis of the 'permanent' societies we know today.
1853
The Skipton and District Permanent Benefit Building Society was founded by George Kendall. Three months later, the local paper, the Craven Herald (also in its founding year) wrote, “This Society differs from the old building societies, in this, that it is not established for the express purpose of building a certain street or row of houses, but what is much superior, it enables a man to build what he likes, where he likes, and as he likes; or, if a member prefers to buy a house, he can do so, and the Society, if they think the purchase a good one, will advance the money."
1854
At the end of the first year of operation, the Society had 190 members and £2,325. A gentleman named Samuel Farey, successor to the first secretary of the Society, firmly established the mutual ethos of the building society; he wanted to provide opportunities for ordinary people to buy their own homes.
1893
As the Society continued to grow it became necessary to move from its premises at Providence Place in Skipton to a new location on Newmarket Street. This was bought for the princely sum of £300.
1906
Skipton assets had reached £100,000.
1928
In the Society’s 75th anniversary year the new Head Office was opened on Skipton High Street by the then Chancellor of the Exchequer, the Rt Hon Philip Snowden MP. This is where our Skipton branch is today. This move was swiftly followed by ‘permanent’ being removed and the name shortened to Skipton Building Society.
From these quite modest beginnings, the Society has gone from strength to strength. In 1928 the Society also began to operate in the London area via agencies.
1933
Assets reached £2 million.
1942
The Skipton merged with Barnoldswick Building Society.
1947
Skipton Building Society’s first fully staffed, full-time branch opened, in Harrogate.
1953
In our centenary year, there were 27,016 accounts and assets had reached in excess of £10 million. After a very successful first one hundred years of operation, the next 50 years proved to be equally rewarding.
1962
The Society began growing in areas outside its heartland, with the opening of a branch in Guildford.
1962-1987
Several mergers of other societies into the Skipton (such as Ribblesdale, Bury and Otley, with combined assets of over £24.1 million) contributed to Society Assets reaching £1 billion by 1987.
1980s
The Society began to embark on the new strategy, which has set us apart from all of our competitors. Increasing competition in our core business areas of savings and lending meant alternative means of income were sought.
As a result, two new subsidiary companies were launched at the end of the 1980s — Homeloan Management Ltd (HML) and Skipton Financial Services Ltd (SFS). HML is now Europe’s largest independent outsourcing company and SFS is listed as one of the top 25 Independent Financial Advisers in the UK. But this was only the start.
1991
Such was the growth of the Society that new headquarters was needed and we opened The Bailey.
1990s
By the end of the 1990s, the Skipton Group had seven subsidiary companies having bought and sold Dealwise.
2003
The Society celebrated its 150th anniversary.
Present day
In 2008, 155 years after the inaugural meeting at Skipton Town Hall, the Society remains a mutual organisation with group assets of over £10 billion!
We now have 19 subsidiaries providing financial services and related advice to members, customers and businesses across the country. With 84 branches nationwide, stretching from Aberdeen to Plymouth, as well as its subsidiary companies, Skipton Group now employs approximately 8,000 staff.
Celebrating its success over the years only reinforces its commitment to its members and its original ethos of treating their money with prudence. Our history is something to be proud of and we look forward to many more achievements in the future.