BRITANNIA Building Society staff today welcomed their firm's merger with Co-operative Financial Services (CFS).

News of the proposed deal had initially sparked fears of job losses, or even the closure of the mutual's Leek base.

But following yesterday's annual general meeting (AGM) Britannia again committed itself to maintaining a "significant presence" in Leek, even though CFS has its headquarters in Manchester.

The AGM was held at the National Exhibition Centre in Birmingham, with proceedings also beamed back to Leek.

Business improvement manager Kim Bailey, aged 27, from Leek, said: "It's been hectic and there have been stressful moments.

"I was involved in the members' office, which dealt with queries about the merger and we had more than 5,000 calls.

"It feels like a great result, but I think the work has only just started. I think it will be received really positively by people at Leek.

"They are generally excited and I think there will be a sense of relief. It gives us a clear direction."

In the end, the result was emphatic, with 403,000 yes votes compared to 52,900 no votes.

Fellow business improvement manager Daryl Wilkes, pictured right, aged 29, believes Leek employees will benefit from the merger.

The Newcastle resident said: "It's an exciting opportunity as an individual and as a business.

"I'm quite ambitious and I see the merger as a massive opportunity to improve my career."

Following the AGM, Britannia chief executive Neville Richardson said he was "delighted" with the result. He said: "The hurdle we had to pass, of 75 per cent, was very challenging.

"It's been extremely hard work but extremely invigorating.

"Talking to loads and loads of members, and going through all those meetings we put in place, really engages with members of the organisation and that's what we're about; we're a mutual organisation owned by our members.

"I was confident because I had spent a lot of time talking to the members at meetings and through our members' office. I'm delighted Britannia members have endorsed their board's recommendation to merge with CFS.

"The combined and complementary strengths of our businesses will offer customers a strong, fair and ethical alternative to banking plcs.

"Customers will be owners and will have available all the services they would expect from a major financial provider, together with a real say in strategy and a share of the profits."

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