West Brom building society to keep growing at new home

The West Brom, which has just unveiled £12.4 million pre-tax profits for 2014-2015, expects to grow its workforce at the Providence Place building by 30 per cent to 50 per cent following the move from its current had office site in High Street.

Chief executive Jonathan Westhoff said that capacity to grow was being built into the new building.

"That is our commitment to staying in West Bromwich and helping its regeneration," he emphasised.

Mr Westhoff said: "It is a very significant project for the society. It is the biggest investment in the history of the West Brom."

More than 400 staff will be moving into the building, which is currently undergoing internal fitting out work ready for the move, towards the end of this year.

All head office functions will move in including the training which is currently done in a separate site in the town.

Mr Westhoff said the success of the society in the last financial year was down to the 'back to basics' campaign introduced after it crashed to a £48.8m loss six years ago.

"The five-fold increase in profits from 2013-2014 is very welcome and strengthens our capacity to provide for future growth.

"Lending has also doubled in the year – that is a very impressive achievement.

"We have achieved this turnaround on the back of re-focusing on what we do best – mortgage lending and simple saving. To see the growth in lending activity supporting home ownership is every bit as satisfying as the growth in profits."

The 166-year-old society now has about 60,000 borrowers and close to 400,000 savers. Its mortgage lending hit £466m last year – a fifth going to first-time buyers,

"In the medium term we expect and have plans to continue to grow our mortgage lending business by a significant percentage each year," said Mr Westhoff.

He added that the society was keen to step up support for the growing number of people who wanted to own their own homes.

"This is coming from low levels of unemployment and a political will to support people in to home ownership and support first-time buyers.

"All the conditions are there now to support home ownership for those who aspire to it," explained Mr Westhoff.

"The transition of the society over the last five years, away from its historic diversification into non-core activities and back to a building society focused on the fundamental needs of its members, is very satisfying," he added.

The Black Country's biggest building society 's new five-storey 70,000sq ft headquarters will cap the recovery at The West Brom.

Bosses had considered relocating to the Point North site at The Waterfront, Brierley Hill, before finally deciding on the move a short distance across West Bromwich to the new site close to the £200m flagship New Square shopping development.

The new building will include state-of-the-art ventilation, heating and lighting control systems to minimise energy consumption.

The new building will also house an administration centre offering direct services for West Brom savings accounts, mortgages and investments.