Recently, Coventry Building Society has been in the news due to its resistance to a vote on the proposed takeover by Virgin Money. This move has sparked concerns and potential revolt among members of the building society. The decision to resist the vote comes after a period of turmoil for the society's owner, which holds the back catalogues of renowned artists such as Blondie, Neil Young, and Justin Bieber.
Coventry Building Society, based in Coventry, England, is the second-largest building society in the United Kingdom, boasting total assets exceeding £51 billion as of December 2020. As a member of the Building Societies Association, it plays a significant role in the financial sector. The society's prominence and financial standing have made its recent actions regarding the Virgin Money takeover a subject of interest and concern within the industry and among its members.