The documents proposing the transfer of Kent Reliance Building Society to a new company with Private Equity investment by JC Flowers have now been sent out.
I urge any member to read the document carefully. Although a complicated legal document it contains a number of very key points and some information that is critical to understand. Importantly read the section about Disadvantages listed by the Directors, the crucial ones being:
1) Loss of control of the bank by KRPS
2) KRPS shares will reduce so mutuality is no sustainable
Based on the information in the document we will be voting AGAINST the proposal.
The deal guarantees a return of 20% per year to JC Flowers
JC Flowers could potentially become the majority owner of the new bank very quickly
Mutuality is quoted but is effectively being given up to a private equity partner
More information about the KRBS Kent Reliance takeover is on the Rainham History website
Saturday, 23 October 2010
Wednesday, 20 October 2010
Ward Homes re-developing former offices on Ash Tree Lane Chatham
Ward Homes will be re-developing the grounds of its former offices on Ash Tree Lane in Chatham shortly. The development, named ‘Capstone Heights’ is set against the backdrop of the spectacular Chatham countryside and new homes will take full advantage of these views. Planning approval has been granted for 55 houses and apartments.
Ward Homes is investing in the local area around the development. Particular attention will be paid to traffic calming measures and pedestrian safety, and to improving equipment on the nearby Luton recreation ground. The land to the south-east of the development is designated an Area of Local Landscape Importance. To uphold this, the architecture of the properties will blend in with the natural landscape.
For further information, please visit www.wardhomes.co.uk
Frances Clark
Marketing Manager
Ward Homes Limited
A trading name of Barratt Homes Limited
T: 01959 568439
F: 01959 568488
M: 07793 581954
Thursday, 9 September 2010
Rainham Premier Inn Climbdown? Will it now get a proper name?
Have Premier Inn had a change of heart over the name of the new Premier Inn hotel in Rainham?
The hoardings outside the building work had proudly announced that the new Gillingham East A2 Premier Inn would be opening shortly. This caused a lot of local anger as the hotel is in the centre of Rainham and would undoubtedly cause massive confusion for guests that didn't know the area and travelling to Gillingham expecting to be able to stay at the Premier Inn.
This evening we noticed that the sign stating Gillingham East has now been covered over with only A2 still visible. So will the new Premier Inn be known as Rainham A2 recording its actual location? We wait and see!!
The hoardings outside the building work had proudly announced that the new Gillingham East A2 Premier Inn would be opening shortly. This caused a lot of local anger as the hotel is in the centre of Rainham and would undoubtedly cause massive confusion for guests that didn't know the area and travelling to Gillingham expecting to be able to stay at the Premier Inn.
This evening we noticed that the sign stating Gillingham East has now been covered over with only A2 still visible. So will the new Premier Inn be known as Rainham A2 recording its actual location? We wait and see!!
Sunday, 15 August 2010
Greens of Rainham Vauxhall Dealer - New Photos of closed site
There still seem to be a lot of Google searches for Greens of Rainham, but the Vauxhall dealer shut back in early 2009.
We took some recent photos to record the site before it is sold or redeveloped.
http://www.rainham-history.co.uk/articles/Greens-of-Rainham.html
We took some recent photos to record the site before it is sold or redeveloped.
http://www.rainham-history.co.uk/articles/Greens-of-Rainham.html
Wednesday, 14 July 2010
Kent Reliance Takeover (Kent Reliance Building Society) KRBS Gillingham FC Sponsor
UPDATE: 23 October 2010, the proposals for the transfer of Kent Reliance KRBS to the new KRPS have now been published. Click here to read why we will be voting against the proposals.
http://www.rainham-history.co.uk/html/KRBS-Kent-Reliance-Building-Society-takeover.html
It has been reported that the Kent Reliance Building Society, KRBS, sponsor of the Gills and Priestfields stadium, is in takeover talks with the US company JC Flowers. It is suggested that JC Flowers will invest £50million for a 49% stake in the business but that as this is not a full takeover it will not generate windfall payments to members.
http://www.bbc.co.uk/news/10594824
In its stock exchange announcement, the building society said the proposed deal with Flowers would "create a new corporate structure for the Kent Reliance business."
This follows the controversial policies pursued by Chief Exec Mike Lazenby involving outsourcing admin processing to India and closing almost all the Kent Reliance branches.
The Daily Telegraph reports "As the boss of a mutual, , chief executive of Kent Reliance, is charged with running the company entirely for the benefit of its customers, with no external shareholders. Yet together they have devised the first private equity investment in a British mutual lender. The deal is being watched across the City and the regions since it could trigger a transformative impact on reform of the building society and banking sectors. "
One commentator said: "Flowers has been lucky with Lazenby who is not the standard mutual boss. He might find the others harder to convince."
The official announcement by KRBS says:
Kent Reliance Building Society today announces that it is in talks with J.C. Flowers & Co. to create a new corporate structure for the Kent Reliance business. If the new structure proceeds, it would allow for substantial new capital investment to support the business and would provide a means for the Society’s members to remain members of a mutual organisation.
http://www.rainham-history.co.uk/html/KRBS-Kent-Reliance-Building-Society-takeover.html
It has been reported that the Kent Reliance Building Society, KRBS, sponsor of the Gills and Priestfields stadium, is in takeover talks with the US company JC Flowers. It is suggested that JC Flowers will invest £50million for a 49% stake in the business but that as this is not a full takeover it will not generate windfall payments to members.
http://www.bbc.co.uk/news/10594824
In its stock exchange announcement, the building society said the proposed deal with Flowers would "create a new corporate structure for the Kent Reliance business."
This follows the controversial policies pursued by Chief Exec Mike Lazenby involving outsourcing admin processing to India and closing almost all the Kent Reliance branches.
The Daily Telegraph reports "As the boss of a mutual, , chief executive of Kent Reliance, is charged with running the company entirely for the benefit of its customers, with no external shareholders. Yet together they have devised the first private equity investment in a British mutual lender. The deal is being watched across the City and the regions since it could trigger a transformative impact on reform of the building society and banking sectors. "
One commentator said: "Flowers has been lucky with Lazenby who is not the standard mutual boss. He might find the others harder to convince."
The official announcement by KRBS says:
Kent Reliance Building Society today announces that it is in talks with J.C. Flowers & Co. to create a new corporate structure for the Kent Reliance business. If the new structure proceeds, it would allow for substantial new capital investment to support the business and would provide a means for the Society’s members to remain members of a mutual organisation.
Tuesday, 6 July 2010
Ann Castle's Book with details about the people of Rainham,
I recently received a message about a book by Ann Castle. It has lots of snippets about the people of Rainham, Halstow & Upchurch.
Ann Castle's Book on Rainham Halstow Upchurch
There are also some recipes, accounts and other articles that have been transcribed to a different page.
Most pages are dedicated to a particular family but occasionally, they spill over to an adjacent page.
Original grammar and spelling have been retained but some letters and words are illegible.
Ann Castle's Book on Rainham Halstow Upchurch
There are also some recipes, accounts and other articles that have been transcribed to a different page.
Most pages are dedicated to a particular family but occasionally, they spill over to an adjacent page.
Original grammar and spelling have been retained but some letters and words are illegible.
Thursday, 1 July 2010
How old is my house?
I am often asked by people who want to find out how old their house is. There are several methods depending on the approximate age of your property.
In the Medway Towns there are books called Kelly's directory that are held at local libraries. These detail all the properties and owners in particular areas and can show when new houses appear in the records. For example many houses around Maidstone Road in Rainham sprung up in the late 1920s and early 1930s and can be seen from the volumes of Kelly's Directory from each year.
If you property is much older than this then parish records or census returns could be a good starting point. For newer properties local councils may hold records that show when the house was built.
If you have any more suggestions for ways to determine how old your house is then please leave them as comments.
In the Medway Towns there are books called Kelly's directory that are held at local libraries. These detail all the properties and owners in particular areas and can show when new houses appear in the records. For example many houses around Maidstone Road in Rainham sprung up in the late 1920s and early 1930s and can be seen from the volumes of Kelly's Directory from each year.
If you property is much older than this then parish records or census returns could be a good starting point. For newer properties local councils may hold records that show when the house was built.
If you have any more suggestions for ways to determine how old your house is then please leave them as comments.
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