The West Bromwich Building Society yesterday played down claims that it is considering moving its headquarters to central Birmingham.
The 160-year-old mutual is known to be considering an alternative to its current 30-year-old HQ in High Street, West Bromwich, which now houses about twice the number of staff it was designed for and which needs refurbishing.
Chief executive Robert Sharpe said yesterday that a number of possible sites were being considered, and added: “A move to the centre of Birmingham is the least likely option.”
The West Brom board will ultimately decide whether to move to a new site or bear the cost of refurbishing the existing building.
A new site “a mile down the road” would be the ideal solution, Mr Sharpe said.
“But this is just a piece of research at the moment. It is unlikely that we would move to the centre of Birmingham because that would be the least attractive for the travel arrangements and parking for our people,” he added.
The society under previous chief executive Stephen Karle did consider moving the business to the Castle Gate development in Dudley but this was ultimately ruled out.
The society, which has kept its independence despite having to write off millions of pounds worth of toxic commercial loans, is known to be considering a change of name as part of its attempt to draw a line under its recent difficulties.
These include the sudden departure in October last year of Mr Karle and the controversial debt for equity swap engineered by Mr Karle’s successor, Robert Sharpe, and his new executive team.
Mr Sharpe said at the society’s heated AGM two weeks ago that the West Brom’s name had become “tainted” and “tarnished” and that a change was being considered, along with an expansion into central Birmingham.
The West Brom, which has reverted to “back to basics” under Mr Sharpe following its expensive foray into commercial lending, currently has 11 branches in Birmingham, but only one, Colmore Row, in the centre.
