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N&P rejects JC Flowers’ bid to buy stake

Norwich & Peterborough Building Society has rejected an approach from private equity firm JC Flowers to buy a stake in the mutual.

N&P was first linked as a possible takeover target for JC Flowers in October alongside West Bromwich, Skipton and Principality.

It has now emerged that JC Flowers approached N&P in September about buying a stake in the society but N&P turned down the offer.

An N&P spokeswoman says: “We received one phone call from a representative of JC Flowers. Our chief executive said at the time we were not interested in talking to them. We still see no reasons for talking to them.”

JC Flowers agreed a deal in July to take a 49 per cent stake in Kent Reliance Building Society. The firm also agreed to invest £50m in a joint investment vehicle with Kent Reli-ance to act as a launchpad to acquire stakes in other societies and create a “supermutual”. As part of the deal, the Kent Reliance business will be transferred in February to a new subsidiary called OneSavings Plc.

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