Bristol & West

{{Infobox company

|name = Bristol & West plc{{Cite web|url=https://www.LondonStockExchange.com/stock/BWSA/bristol-west-plc/company-page|title=Bristol & West plc BWSA stock|website=www.LondonStockExchange.com|publisher=London Stock Exchange (LSE)|access-date=27 March 2021}}

|logo = Bristol & West.png

|logo_size = 260px

|logo_alt =

|logo_caption = Bristol & West logo

|trade_name = Bristol & West

|former_name = Bristol, West of England and South Wales Permanent Building Society

|type = originally:
mutual building society until July 1997,
then:
public limited bank,
now:
banking division of Bank of Ireland

|traded_as = {{London Stock Exchange|BWSA}}

|ISIN = {{ISIN|sl=n|pl=y|GB0000510205}}

|industry = Finance and investments

|company_slogan=

|foundation = {{Start date and age|1850|df=y}} in Bristol, England

|defunct = {{End date and age|2009|df=y}}

|fate = Sold and divested (1997-2005), liquidated (2023)

|location = One Temple Back East, Temple Quay, Bristol, England, BS1 6DX, United Kingdom

|num_locations =

|num_locations_year=

|area_served = United Kingdom

|key_people = John Burke (CEO)
David McGowan (director)

|products = Mortgages, savings

|services = Financial services

|revenue =

|revenue_year =

|operating_income= {{Unbulleted list|class=nowrap|{{Steady}} £0.7m (2010)|£0.7m (2009)}}

|profit = {{Unbulleted list|class=nowrap|{{Decrease}} £2.6m (2010)|£81.8m (2009)}}

|aum =

|assets = £129.7m (2010)

|equity = £82.2m (2010)

|owner = Bank of Ireland

|num_employees =

|parent = Bank of Ireland UK Holdings plc

|divisions =

|subsid =

|ratio =

|rating =

|website = [https://www.BankofIrelandUK.com/bristol-west-plc/ BankofIrelandUK.com/bristol-west-plc]

}}

Bristol & West (B&W) was a former mutual building society in the United Kingdom (UK), one of the first to be demutualised to become a publicly traded bank in 1997.{{Cite web|url=https://www.LondonStockExchange.com/stock/BWSA/bristol-west-plc/our-story|title=Bristol & West plc BWSA our story|website=www.LondonStockExchange.com|publisher=London Stock Exchange (LSE)|access-date=27 March 2021}} Bristol & West had its headquarters in Bristol, England, UK. B&W became a division of the UK arm of the Bank of Ireland in 1997.

B&W's main activity was mortgage lending for residential and commercial customers, although in 2009, its business was transferred to Bank of Ireland and it became a shell company, and stopped accepting new customers.{{Cite web|url=http://www.Bristol-West.co.uk/bwplc/InterimReport2010.pdf|title=Bristol & West plc – Interim Management Report for the six month period to 30 September 2010|website=www.Bristol-West.co.uk|publisher=Bristol & West plc|access-date=19 November 2016|archive-url=https://web.archive.org/web/20160716220942/http://www.bristol-west.co.uk/bwplc/InterimReport2010.pdf|archive-date=16 July 2016|url-status=dead}}

The Bristol & West brand name has since been replaced by the Bank of Ireland brand. However, {{As of|2021|lc=y}}, Bristol & West plc shares were still publicly traded on the London Stock Exchange (LSE) under the BWSA ticker, and globally identified under its International Securities Identification Number (ISIN) GB0000510205, until June 2023, when the Bank of Ireland decided to redeem the outstanding Bristol & West preference shares and liquidate Bristol & West plc.{{cite news |url=https://www.independent.ie/business/irish/uks-bristol-and-west-building-society-liquidated-by-bank-of-ireland/a1610939950.html |title=UK's Bristol & West building society liquidated by Bank of Ireland |last=Mulligan |first=John |website=The Irish Independent |location=Dublin |date=22 June 2023 |access-date=29 June 2023}}

History

File:Bristol and West Building Society - geograph.org.uk - 122304.jpg being converted into a hotel in 2006]]

The Bristol & West building society, registered number 2124201, was founded in {{Start date and age|1850|df=y}}, originally as the "Bristol, West of England and South Wales Permanent Building Society". It offered mortgages in the Bristol and the south west of England area, and became a well-known financial services institution in the region.{{Citation needed|date=March 2021}}

By 1996, Bristol & West was the ninth largest building society in the United Kingdom,{{Cite web|url=https://www.Independent.co.uk/news/business/bristol--west-goes-to-bank-of-ireland-for-pounds-600m-1305169.html|title=Bristol & West goes to Bank of Ireland for £600m|website=www.Independent.co.uk|publisher=The Independent|date=15 April 1996|access-date=27 March 2021}} with 1.1 million customers.

After the Building Societies Act 1986 relaxed rules on building societies and permitted them to demutualise and convert into banks, a number of building societies did so.{{cite web |title=The Effect of UK Building Society Conversion on Pricing Behaviour |date=March 2003 |first=Shelagh |last=Heffernan |publisher=Faculty of Finance, CASS Business School |location=City of London |url=http://www.cass.city.ac.uk/facfin/papers/WP2003/Mutuals-WP.pdf |access-date=10 October 2007 |url-status=dead |archive-url=https://web.archive.org/web/20071129143345/http://www.cass.city.ac.uk/facfin/papers/WP2003/Mutuals-WP.pdf |archive-date=29 November 2007 |df=dmy }} In July 1997, Bristol & West demutualised, its shares began being publicly traded on the London Stock Exchange (LSE)/ It was also sold to the Bank of Ireland for £600m (€882m), becoming a UK division of the Bank of Ireland, but maintaining its operations and branch network under the existing Bristol & West brand identity.

In December 2003, the UK's Financial Services Authority (FSA) fined the Bank of Ireland owned Bristol & West subsidiary "Chase de Vere Financial Solutions" for the "approval and issue of a misleading direct offer promotion".{{cite web |title=Chase de Vere fined 165,000 over misleading precipice and high income bond promotion |url=https://www.FSA.Gov.uk/pages/library/communication/pr/2003/136.shtml |publisher=Financial Services Authority |access-date=2023-08-09 |archive-url=https://web.archive.org/web/20050406164629/http://www.fsa.gov.uk/pages/library/communication/pr/2003/136.shtml |archive-date=2005-04-06}}

In 2005, eight years after its purchase, the Bank of Ireland sold its Bristol & West plc savings and investment business to the Britannia Building Society for £150 million. The deal also included Bristol & West's 97 branches, as well as its direct savings business.{{Cite web |last=Osborne |first=Hilary |date=24 May 2005 |url=https://www.theguardian.com/money/2005/may/24/accounts.business|title=Britannia to acquire Bristol & West |website=The Guardian |access-date=27 March 2021 |archive-url=https://web.archive.org/web/20200726134635/https://www.theguardian.com/money/2005/may/24/accounts.business |archive-date=26 July 2020 |url-status=bot: unknown}}{{Cite web |last=Treanor |first=Jill |date=25 May 2005 |url=https://www.TheGuardian.com/money/2005/may/25/accounts.business |title=Bristol & West to be a building society again |website=The Guardian |access-date=27 March 2021}} The sale did not include the Bristol & West brand name, which was retained by the Bank of Ireland. Existing Bristol & West account holders were transferred to a Britannia-branded product, and all branches assumed the Britannia brand identity.

The Bank of Ireland continued to offer B&W mortgages to intermediaries, packagers, and direct customers, through the Bristol & West brand, at its main processing centres in Bristol and Solihull. That meant the closure of a number of smaller mortgage processing centres throughout the country. In 2008, the half-year profit from the mortgage business was £52 million.{{cite news |url=https://www.independent.co.uk/news/business/news/bristol-amp-west-closes-to-new-business-after-over-150-years-of-trading-1297818.html |title=Bristol & West closes to new business after over 150 years of trading |last=Daley |first=James |website=The Independent |date=10 January 2009 |access-date=29 June 2023}}

Following the financial crisis of 2007–08, the Bristol & West bank suffered large losses and, as a result, the Bank of Ireland took the decision to limit mortgage lending.{{Citation needed|date=March 2021}}

On 8 January 2009, the Bank of Ireland announced to the stock market that it would close its Solihull and Reading processing centres (the Reading Centre processed Bank of Ireland mortgages only) and, as of 9 January 2009, Bristol & West mortgages would cease accepting new customers, though the brand would continue for existing mortgage customers.{{Cite web|last=Brignall|first=Miles|date=10 January 2009|url=https://www.TheGuardian.com/money/2009/jan/10/bristol-west-mortgages|title=After 158 years, the end is nigh for Bristol & West|website=The Guardian|access-date=27 March 2021}} The Bank of Ireland then only offered residential mortgages in the UK through the Post Office Money brand and through their own brand in Northern Ireland.

Arms

{{Emblem table

|name = Bristol and West Building Society

|image= Bristol and West Building Society Escutcheon.png

|imagesize=

|notes= Granted 25 February 1939{{Cite web|url=https://Heraldry-Wiki.com/heraldrywiki/wiki/Bristol_and_West_Building_Society|publisher=Heraldry of the World|title=Bristol and West Building Society|website=Heraldry-Wiki.com|access-date=27 March 2021}}

|coronet=

|crest= On a wreath of the colours in front of two arms embowed in saltire the hand to the dexter holding a round shield and that to the sinister three sprigs of thrift a rock all Proper.

|torse=

|helm =

|escutcheon= Per chevron Sable and Gules in chief a balance Or and in base a castle triple towered Argent.

|supporters=

|compartment=

|motto= Security through thrift

}}