Leeds Permanent Building Society
| File:Leeds Permanent Building Society logo.png | |
| File:The Light, Leeds.jpg Former headquarters of Leeds Permanent Building Society located on The Headrow in Leeds city centre | |
| Founded | 1848 |
|---|---|
| Defunct | 1995 |
| Fate | Merged with the Halifax Building Society |
| Headquarters | Leeds, England |
The Leeds Permanent Building Society, often referred to as The Leeds or The Perm, was a building society established in Leeds, England in 1848. It should not be confused with the still-operating Leeds Building Society (previously known as Leeds and Holbeck Building Society).
1848-1948
Prior to the establishment of “The Leeds,” growth was constrained by the terminating Leeds Building and Investment Society. To address this limitation, founders created a permanent society in 1848 under the name Permanent Second Leeds Benefit Building and Investment Society, which was shortened in 1851 to Leeds Permanent Benefit Building Society.[1]
Initially, the Society operated from Exchange Buildings on Lands Lane, open from 10am to 4pm daily and additionally on Tuesdays from 7pm to 9pm. It subsequently moved to 32 Park Row before settling in 1876 at the corner of Park Lane and Calverley, which remained its headquarters for half a century.[2]
The society experienced swift early expansion, establishing more than eight agencies within six months and attracting 1,200 members by the end of its first year. After a decade, membership grew to 3,500 with assets totaling £175,000, leading to claims of being the “largest in the world.” A branch was opened in Sheffield in 1863, although branch growth remained modest initially. Membership rose from 6,370 in 1868 to over 16,000 by 1878, alongside assets reaching £1.2 million. Growth decelerated thereafter; by the outbreak of World War I assets stood at £1.9 million.[1]
Between World Wars I and II, expansion accelerated significantly. By 1927, the Society operated branches and agencies throughout the UK, including locations in Scotland and Ireland. While maintaining a broad network of agents, it aimed to establish branches in all principal towns—21 were documented. The number of investors climbed sharply from fewer than 20,000 in 1918 to approximately 250,000 by 1938. This progress was primarily organic, with only one minor acquisition: the second Chatham Building Society in 1933.[1]
In 1930, the headquarters were relocated to Permanent House at Cookridge Street and The Headrow—a building designed by Sir Reginald Blomfield and C.W. Atkinson.[3]
Post 1948
Following World War II, the Society undertook several significant acquisitions: London & North Eastern Railway (1946), Midlands (1952), Doncaster (1959), Aberdeen Property Investment (1961), and Earlestown (1970). The decades of the 1950s and 1960s also saw continued branch development, culminating with the opening of its hundredth branch in Leeds in 1970. Expansion of headquarters included additional annexes and the construction of the Leeds Permanent Tower—a structure standing 61 meters tall—which was later demolished around the year 2000 during development of The Light, Leeds.
In terms of technology adoption, a pivotal board decision was made in 1964 to transition from mechanical accounting methods to electronic data processing; this led to installation of their inaugural computer system in 1967.
During the 1980s, a prominent television advertising campaign featured actor George Cole alongside the slogan Laughing all the way to The Leeds. Following enactment of the Building Societies Act 1986, Leeds broadened its activities into areas such as share issuance, offshore banking services, estate agency operations, and property development.
Additional consolidation occurred with acquisition of Southdown Building Society in 1992 after that institution faced financial challenges. Permanent House remained the Society’s headquarters until moving to new premises at Lovell Park in 1993; this facility was officially inaugurated by Prince Philip.
The Leeds Permanent Building Society brand was retired following its merger with Halifax Building Society in 1995.
References
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedStafford - ↑ "Milestones for Magnificent Thoroughfare". Yorkshire Post. 2 November 2021. Retrieved 7 July 2023.
- ↑ Template:NHLE