3 June 2015

Scottish Friendly Takes Over Britain's Oldest Company

Before having children, I worked at a legal firm, a job which I loved. A job that kept my brain ticking in such a fast paced environment. Nowadays, when I'm drowning in baby milk and washing, I keep my head in the game by keeping up to date with current news and was keen to find out more about Scottish Friendly and their bid to take over Britain's oldest company.

Can you imagine owning a piece of British history, well Scottish Friendly, one of the UK’s biggest financial mutuals, has taken over the business of the oldest registered company still actively trading in the UK, Marine & General Mutual.

The deal to take over the UK's oldest active registered company is Scottish Friendly's largest takeover to date and will double its assets under management to roughly £2 billion. At the end of April the deal was unanimously approved on behalf of Scottish Friendly members and was also backed by an overwhelming 96% in the vote from M&GM members. Final approval was received on the 22nd May from the High Court in London.

The takeover of Marine & General Mutual by Scottish Friendly is such a mark in history as M&GM is Britain’s oldest company with a registration number 00000006. The five firms that were registered with lower numbers than M&GM no longer exist. 

Marine & General Mutual was founded in 1852 as UK Temperance & General Provident Association to insure Victorian teetotallers. Some early customers include several passengers on the Titanic back in 1912

Fiona McBain, Scottish Friendly’s chief executive said:
"We are delighted to welcome M&GM policyholders and members to Scottish Friendly. The addition of M&GM business to Scottish Friendly is a tangible outcome of our strategy to diversify and grow the business for the benefit of all our policyholders. The takeover of M&GM has doubled Scottish Friendly’s assets under management to over £2 billion and will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM."

If you want to find out more information about the companies and the takeover, you can read this Daily Record article.

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