The Woolwich
Encyclopedia
The Woolwich is a trademark
of the British
bank Barclays. Originally the 'Woolwich' was the Woolwich Building Society before it demutualised
and became a public limited company
in 1997. The Company was listed on the London Stock Exchange
and was once a constituent of the FTSE 100 Index
but was acquired by Barclays in 2000.
. It was headquartered at 113 Powis Street, Woolwich until 1935 when it moved to larger premises at Eakes Place, Woolwich.
The Woolwich was one of the largest UK building societies, and was famous in the 1980s for its entertaining TV advertising incorporating the slogan “I’m with the Woolwich”.
From 1984 to 1992, The Woolwich sponsored Charlton Athletic F.C.
during a time which included their departure from the outdated Valley stadium in September 1985 (they returned in December 1992, by which time the stadium had been rebuilt) and their promotion to the Football League First Division
the following May, continuing for two years after their relegation in 1990.
The Woolwich Equitable Building Society demutualised in 1997, giving up its mutual status to become a bank
: Woolwich PLC was formed, giving shares
to investing and borrowing members of the society, and listing on the London Stock Exchange
.
In August 2000, Barclays took over Woolwich PLC in a £5.4bn acquisition. Woolwich PLC thus joined the Barclays Bank Group of companies. The Woolwich brand-name was retained after the acquisition, and the Woolwich Head Office remained in Bexleyheath
, south-east London
, five miles from the original office in Woolwich
.
On 28 June 2006, Barclays announced that The Woolwich was to become the Barclays UK mortgage
brand, supported by Barclays branches, and that Woolwich branches would be either closed or re-branded as Barclays. Associated changes to call centres affected up to 1,200 jobs, mostly at The Woolwich contact centre in Clacton-on-Sea which closed at the end of 2007. Woolwich accounts were migrated to Barclays during the first half of 2007.
Trademark
A trademark, trade mark, or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or...
of the British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
bank Barclays. Originally the 'Woolwich' was the Woolwich Building Society before it demutualised
Demutualization
Demutualization is the process by which a customer-owned mutual organization or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form...
and became a public limited company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
in 1997. The Company was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was once a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
but was acquired by Barclays in 2000.
History
The Woolwich was founded in 1847 as one of the first 'permanent' building societiesBuilding society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
. It was headquartered at 113 Powis Street, Woolwich until 1935 when it moved to larger premises at Eakes Place, Woolwich.
The Woolwich was one of the largest UK building societies, and was famous in the 1980s for its entertaining TV advertising incorporating the slogan “I’m with the Woolwich”.
From 1984 to 1992, The Woolwich sponsored Charlton Athletic F.C.
Charlton Athletic F.C.
Charlton Athletic Football Club is an English professional football club based in Charlton, in the London Borough of Greenwich. They compete in Football League One, the third tier of English football. The club was founded on 9 June 1905, when a number of youth clubs in the southeast London area,...
during a time which included their departure from the outdated Valley stadium in September 1985 (they returned in December 1992, by which time the stadium had been rebuilt) and their promotion to the Football League First Division
Football League First Division
The First Division was a division of The Football League between 1888 and 2004 and the highest division in English football until the creation of the Premier League in 1992. The secondary tier in English football has since become known as the Championship....
the following May, continuing for two years after their relegation in 1990.
The Woolwich Equitable Building Society demutualised in 1997, giving up its mutual status to become a bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
: Woolwich PLC was formed, giving shares
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
to investing and borrowing members of the society, and listing on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
In August 2000, Barclays took over Woolwich PLC in a £5.4bn acquisition. Woolwich PLC thus joined the Barclays Bank Group of companies. The Woolwich brand-name was retained after the acquisition, and the Woolwich Head Office remained in Bexleyheath
Bexleyheath
Bexleyheath is a main suburban district of Southeast London, England, in the London Borough of Bexley with a small percentage of the district itself being in the London Borough of Greenwich. Bexleyheath is located on the border of Inner London and Outer London. It is east south-east of Charing Cross...
, south-east London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, five miles from the original office in Woolwich
Woolwich
Woolwich is a district in south London, England, located in the London Borough of Greenwich. The area is identified in the London Plan as one of 35 major centres in Greater London.Woolwich formed part of Kent until 1889 when the County of London was created...
.
On 28 June 2006, Barclays announced that The Woolwich was to become the Barclays UK mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
brand, supported by Barclays branches, and that Woolwich branches would be either closed or re-branded as Barclays. Associated changes to call centres affected up to 1,200 jobs, mostly at The Woolwich contact centre in Clacton-on-Sea which closed at the end of 2007. Woolwich accounts were migrated to Barclays during the first half of 2007.