Hinckley and Rugby Building Society
|Building Society (Mutual)|
|Industry||Banking and Financial Services|
Number of locations
|Chief Executive - Chris White|
|Products||Savings, Mortgages and Financial Advice|
|Total assets||£556.4 million GBP (November 2013)|
|This article relies too much on references to primary sources. (December 2012)|
||This article possibly contains original research. (February 2015)|
The Hinckley & Rugby Building Society's history dates back to 1861 when the Rugby Provident Building Society was founded. Much of the Rugby's history was lost when it was merged with its Hinckley counterpart in 1983.
However, the same is not true of the organisation originally known as the Hinckley Freehold Land and Permanent Building Society. The Society opened for business in November 1865, when it was resolved that Thomas Kiddle would become manager and would run the Society from his draper’s shop in Castle Street, Hinckley. The society changed its name to The Hinckley Permanent Building Society in 1907 and, throughout the first half of the century, the management of the society continued to be a family affair.
George Kiddle took over the reins from his father Thomas in 1907, being succeeded by Harold, his brother and the youngest son of Thomas, in 1923, when he became joint manager with Mr F G Brise. Harold retired from the position of manager in 1946 and his son Geoffrey Oliver Kiddle took his place. By this time, assets had grown to £878,801. Geoffrey saw a real need for modernization, including the introduction of calculating machines and a new regime of more modern practices.
By 1950 assets had exceeded £1,000,000 for the first time and, in 1959, Geoffrey Kiddle moved on to pastures new ending the Kiddle family’s almost century-long association with the Society. A new manager, Eric Faulkner, succeeded him. During the 1960s further developments were made, such as the introduction of an automatic addressing system to help cater for extra administration.
The Society’s first proper branch opened in 1964 in Friar Lane, Leicester, swiftly followed by further branches in South Wigston and Barlestone. 1965 was a special year for the Society, as it celebrated its centenary and, a year later, total assets passed the £7million mark for the first time.
New head office
Future development was high on the agenda and a new head office was built at the current site in Upper Bond Street, Hinckley, and officially opened in 1970. The Society wanted to keep a presence in the town centre, which meant acquiring 37 Castle Street, where the Society can still be found to this day. By 1975 assets had grown to £24.7 million, increasing to £32 million in 1977 despite the fact that the decade had seen unsettled economic conditions.
In 1979, the Society’s name changed once more to Hinckley Building Society. However, just three years later in 1982 it was agreed to merge with the Rugby Provident Building Society. On March 1, 1983 Hinckley & Rugby Building Society, as it is now known, was born. The 1980s saw an improvement in the economic climate that meant the housing market improved rapidly and, in 1983, the Society lent a record £16.5 million. Eric Faulkner retired from his post as general manager in 1985 after 26 years of service, during which time assets had grown from £2 million to over £100 million. Anthony Payne was appointed his successor as general manager and secretary, becoming chief executive two years later in 1987.
Hinckley & Rugby, in common with all other building societies went through very tough times in the early 1990s, as house prices slumped by up to 30% and mortgage interest rates soared to over 15%. Following Anthony Payne’s retirement from the Society in December 1992, Barry Hunt was appointed chief executive, and he led a change of strategy that put sound building blocks in place to assist the Society in weathering the challenges of the credit crunch in 2007. It was also this year that Barry Hunt retired and Chris White, previously Finance Director, was promoted to the role of chief executive.
All images and information are from Hinckley and Rugby Building Society's company records.