JC Flowers pays £50m for a stake in Kent Reliance
Share
US private equity firm JC Flowers is to invest £50m in Kent Reliance Building Society for a 49% stake in the mutual.
An announcement was imminent as Mortgage Strategy went to press.
JC Flowers is among the firms that failed to buy Northern Rock in 2007.
Mike Lazenby will remain chief executive of the mutual while Callum McCarthy, former chairman of the Financial Services Authority, will become chairman.
The negotiations were made possible under the provisions of what has become known as the Butterfill Act, which allows different types of mutuals to merge without losing their mutual status.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
