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The Somercotes Building Society started its days as the Somercotes & District Permanent Land Investment Society. It became known locally as the Somercotes Building Society or the Somercotes Land Society. It ended as part of the Nationwide Building Society some 143 years later. A short history of this Society follows:

1870 – A Friendly Society was formed in 1870 and called the Somercotes & District Permanent Land Investment Society.

At the time it was formed it was a true investment society, run by trustees. Savers would have their money invested in land and buildings which would be bought and sold by the Society to re-invest and pay dividends or interest on the savings. The scheme in Somercotes was backed by the Nottingham Joint Stock Bank Ltd, who also loaned the Society initial funds. By the turn of the century the Society was investing in many different projects.

An advert in the Derbyshire Times & Chesterfield Herald dated 2 September 1891 gives a glimpse at the sort of projects which were undertaken:

“Tenders are invited for the forming, curbing, channelling and making of two new streets at Newton, near Tibshelf for the Somercotes & District Permanent Land Investment Society. North Street at 86 yards in length and South Street at 72 yards in length. For plans, specifications and particulars apply Mr. Joseph Hollingworth, Somercotes, to whom tenders may be sent on or before Wednesday September 9, 1891 endorsed “Tenders for the Streets in Newton”. The lowest tender may not necessarily be accepted”

1876 – The address given for the Somercotes & District Permanent Land Investment Society is 1, Seely Terrace, Somercotes (from the Reports of the Chief Registrar of Friendly Societies, dated 1900).

At some point in the following years the society moved to 60, Leabrooks Road, Somercotes were it remained until its closure in 2013.

1895 – Listed in Kelly’s Directory as the Somercotes & District Permanent Land Investment Society. Mr. Henry Hole was the secretary, William Smith the Treasurer and the Nottingham Joint Stock Bank Ltd were the bankers.

Further evidence for the scale of the investments can be seen by an advert in the Derby Courier dated 31 March 1903, which relates to an auction of building land at Boslover, Derbyshire consisting of some 82 plots. The advert for the auction is of considerable length, detailing the convenience of the sites with the short distances to Bolsover and Glapwell collieries. It goes on “… lots are arranged to suit working men or small capitalists, and special facilities will be given to the purchasers to pay for the same if desired by instalments, extending over a period of years. The Vendors, the Somercotes & District Permanent Land Investment Society are prepared to make advances payable on easy terms on approved properties to be erected on the land…”

Not only was the Society selling the land, but was able to offer mortgages on any property built by the purchaser. Needless to say, the accounts at this time, reported in the newspapers, were extremely healthy!

1912 – Listed in Kelly’s Directory as the Somercotes & District Permanent Land Investment Society. Mr Henry Hole was the secretary and Mr. H. Hicking the Treasurer.

1941 – The Somercotes & District Permanent Land Investment Society is listed in a newspaper report dated 16 May 1941.

1959 – The London Gazette of 30 January 1959, referring to the Register of Friendly Societies, reports that “The following societies have been designated for the purposes of the House Purchase & Housing Act 1959 …Somercotes Building Society…”

1966 – In December 1966 the Society merged with the Derbyshire Building Society and the Ashbourne Permanent Benefit Building Society.  It traded as “The Derbyshire”

2007 – The trade name “The Derbyshire” was changed to the legal name of “Derbyshire Building Society”

2008 – In September 2008 The Derbyshire Building Society and the Cheshire Building Society both agreed a merger with the Nationwide Building Society (which at the time made it the largest institution of its type). The merger officially took place in December of that year.

PHOTO: The Derbyshire Building Society, Somercotes, 2013

2013 – In May 2013, it was announced that the Derbyshire, Cheshire and Dunfermline brands owned by the Nationwide Building Society would be phased out over two years, and branches either re-branded closed. The Somercotes Branch of the Derbyshire (Nationwide) Building Society closed in August that year.

2014 – The property was auction in October 2014.