Holmesdale Building Society has agreed terms to merge with Skipton, subject to approval.

The merger will probably start on the 1st October 2018 and Skipton has already received consent from the PRA to approve the proposed merger.

Holmesdale started in 1855 and has 1 branch in Reigate, employing 26 people. Holmesdale decided that “it is in the best interests of current and future members to merge with a much stronger building society able to offer more choice and value to members in the long-term”.

Skipton will keep the branch in Reigate for at least 2 years from the start of the merger, then will be subject to the Society’s ongoing branch review process. Holmesdale members will be able to transact in any branch of the enlarged Society from the merger date.

Mike Kirsch, Chief Executive of Holmesdale Building Society, said:

“We firmly believe that this proposed merger is in the best interests of our members. Without the merger we would not be able to continue to provide the same range of products or good value pricing to our members. We believe we can offer enhanced security by merging with a much stronger building society able to offer more choice and value to members in the long-term.

“A merger with Skipton will result in Holmesdale members having access to Skipton’s large national branch network, its online, post, telephone and financial advice offering, and to a broader range of attractive products and services – from the time when the merger becomes effective.”

David Cutter, Skipton’s Group Chief Executive, added: “We have always made it clear that we would consider further merger activity where it is in the best interests of our members. We look forward to welcoming Holmesdale members on board and sharing with them our full range of financial solutions to help them plan for their life ahead.”