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JC Flowers hires ex-Skipton boss

John-Goodfellow.jpg

US private equity firm JC Flowers, which is to invest £50m in Kent Reliance Building Society, has hired former Skipton Building Society chief executive John Goodfellow in a move that has been tipped as a pre-cursor to launch a takeover for Skipton.

Goodfellow, also a former Building Societies Association chairman, has denied plans to takeover Skipton and says he has been appointed to help JC Flowers understand the mutual sector.

JC Flowers announced its plans to buy a £50m stake in Kent Reliance in July. The deal was signalled to be a platform for the private equity firm to make up to 10 other acquisitions within the building society sector.

The JC Flowers and Kent Reliance deal is still subject to Kent Reliance members’ approval.

In 2008 JC Flowers withdrew a £3.5bn for Friends Provident. The firm was also one of the bidders for Northern Rock in 2007 before the bank was nationalised the following year.

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