O’Connors acts for Druids in sale to Oddfellows
Druids Sheffield Friendly Society has agreed to transfer its assets (including its Child Trust Fund, ISA and life assurance business) to Manchester-based Oddfellows Friendly Society in a deal that will increase the Oddfellows assets by £45m to over £460m and result in a combined membership base of more than 320,000 members.
This is the fourth such transfer in eight years for the Oddfellows, following the successful absorption of the Ideal Benefits Friendly Society, the Nottingham Friendly Society and the Schoolteachers Friendly Society.
Druids Sheffield chief executive Paul Protheroe said: “We considered a number of potential societies and chose the Oddfellows because of their financial strength, their experience of similar transfers, their straightforward and open approach and their clear focus on serving members. We were particularly impressed by Oddfellows’ long and proud history of looking after the financial interests of their members and the close links which can be maintained with the Druid Sheffield members through the Oddfellows branch structure.”
The Druids Sheffield was formed in 1858 and has around 56,000 members including 52,000 Child Trust Fund members and 46 lodges.
Following the transfer, which is expected to take place on April 30, the Society will continue to operate under the Druids Sheffield brand with administration transferred into the Oddfellows operations in Manchester and Liverpool. Druids Sheffield will have representation on the Oddfellows management committee responsible for the long-term business.
O’Connors acted for Druids Sheffield.