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Schoolteachers Friendly Society merges with the Oddfellows
5/04/2011

Leading North West law firm Brabners Chaffe Street has advised the Schoolteachers Friendly Society on its merger with the Independent Order of Odd Fellows Manchester Unity Friendly Society (the Oddfellows), such merger being achieved by a transfer of the Schoolteachers' business to the Oddfellows.

Following the merger, the Schoolteachers' business will continue to be managed by the society's existing staff based in Liverpool and the Schoolteachers' brand will be retained for a number of products. Steve Code, current CEO of the Schoolteachers Friendly Society will be joining the Oddfellows Board.

David Maples, Corporate Partner at Brabners Chaffe Street who advised on the merger comments: “We are delighted to have played a part in advising on the merger which aims to provide more financial security for the Schoolteachers Friendly Society. It is expected there will be more consolidation in the friendly society sector generally due to the implementation of Solvency II (which introduces requirements for greater capital reserves), and also more generally, the benefits of economies of scale that can be obtained by being part of a larger structure yet still offering the same service and brand.”

Steve Code, CEO of the Schoolteachers Friendly Society said: “From our initial discussions with the Oddfellows the deal took nearly two years to complete and during that time we established a very good working relationship with Brabners Chaffe Street who were able to guide us through each step of the process and assist us to achieve a very satisfactory outcome for the benefit of our members.”

The legal team at Brabners Chaffe Street also included David Tournafond, Private Client Partner, Jonathan I'Anson, Employment Partner and William Ngan, Corporate Associate. Richard Paton at Hill Dickinson advised the Oddfellows. Consulting Actuaries Towers Watson advised for both parties.


For further information contact David Maples at Brabners Chaffe Street on 0151 600 3108

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