Principality Building Society

The Principality Building Society is the largest Welsh building society. They are a mutual society, which means they're owned by their members rather than shareholders, and therefore in theory they are in business solely for the benefit of their customers.

Founded in Cardiff in 1860, Principality Building Society now has 51 branches and over 420,000 members. In 1987 the Society acquired two estate agents – Peter Alan and Parkhurst – creating Peter Alan Limited which has 25 branches throughout South Wales. Late in 2004, the Society acquired Loan Link Limited and formed a new subsidiary – Nemo Personal Finance – creating around 200 jobs in Wales over two years.

The Principality offers a full range of mortgage services (residential and commercial), savings products and financial advisory services. The Society's future lies in its commitment to helping its members through providing quality service and competitive products and through maintaining the Principality's position as the largest mutual provider of financial services in Wales.

Nemo Personal Finance

Nemo Personal Finance is a new player in the secured personal loans sector and has exceeded its initial growth forecasts as it focuses on driving its customer base to 15,000 next year. Nemo Personal Finance which was launched earlier this year, is a stand-alone subsidiary of the Principality Building Society.

It operates by consolidating debts of homeowners into one repayment with interest rates ranging from 6.7% to 12.4%. Its funding packages range from £10,000 to £75,000. Nemo Personal Finance, which pays off the outstanding debts of its customers, can also provide funding for things like home improvements.

South Wales is already home to a number of leading secured lenders like Cardiff-based Firstplus and Newport's Picture Financial. This October, Nemo Personal Finance opened offices at Trafalgar House, Cardiff following rapid growth and a strong first six months of trading. Under the leadership of managing directors Phil Jones and Sam Marshall, business volumes have exceeded forecasts and the company now has more than 2,500 customers and employs 65 staff in Cardiff - which it plans to double in the next 12 months.

The company would not divulge its revenue to date, but said it was revising its figures upwards on the back of an upbeat start to trading. Mr Jones, joint managing director of Nemo Personal Finance, said, "We have successfully completed phase one for Nemo Personal Finance - the company's launch and planned move from its start-up offices at Museum Place to its permanent premises at Trafalgar House. We are grateful for the support of stakeholders, including our parent company and also the Welsh Assembly Government which supported the start-up and growth phase."

Sam Marshall, joint managing director added, "We have built a great team during our first six months and over the coming year we anticipate doubling our workforce at Trafalgar House. "We now look forward to further enhancing our reputation in the market, which has been built on an innovative product range, competitive pricing and outstanding service levels."

Nemo Personal Finance's business to-date has been mainly sourced through finance brokers. However, from October a new direct-to-customer sales approach will be added including a new TV advert with distinctive branding in keeping with Nemo Personal Finance's strapline: Why complicate things?

The UK-wide campaign is part of the company's strategy to drive its customer numbers to the 15,000 mark by the end of next year. Mr Jones and Mr Marshall are experienced players in the secured lending marketplace, having been part of the senior management team which established and developed Firstplus from 1997 to 1999.

Nemo Personal Finance is chaired by Peter Griffiths, chief executive of Principality Building Society. Mr Griffiths said, "Nemo Personal Finance is proving to be a very successful business for the Principality Group. It is already making a strong contribution to group profits - a clear sign that our diversification strategy is paying dividends for our members."

The new offices of Nemo Personal Finance were officially opened by Andrew Davies, Minister for Economic Development and Transport. He said, "The Welsh Assembly Government is pleased to support this company in their expansion plans. This substantial investment demonstrates the importance of Wales as the business location of choice for a wide range of sectors, particularly the financial services industry. "Regional selective assistance is proving to be valuable in the continued development of a strong and prosperous economy."

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