trading name c & g type subsidiary undertaking industry finance and insurance founded cheltenham united kingdom 1850 1850 headquarters barnwood gloucestershire united kingdom area served england wales scotland products financial services parent lloyds banking group website www.cheltglos.co.uk cheltenham & gloucester plc c & g is a mortgage and savings provider in the united kingdom a subsidiary of lloyds banking group . c & g specialises in mortgages and savings products . previously c & g was a building society known as the cheltenham and gloucester building society . its headquarters are in barnwood gloucester gloucestershire england . c & g was closed to new mortgage 1 and savings business on 9 september 2013 . the branch network of cheltenham & gloucester was transferred to the newly established tsb bank plc in september 2013 as part of a divestment of a significant portion of the lloyds tsb business by lloyds banking group . 2 c & g branches were rebranded under the tsb brand along with a number of lloyds tsb branches in england and wales . some c & g savings accounts and mortgages were also transferred to the new tsb bank at this time with others remaining with c & g. contents 1 history 1.1 mergers and acquisitions 1.2 staff association 2 project verde 3 future 4 see also 5 references 6 external links history edit headquarters of cheltenham & gloucester at barnwood gloucestershire c & g can trace its roots back to the cheltenham & gloucestershire permanent mutual benefit building and investment association in 1850 . at first the society was based in cheltenham its first gloucester branch opening in 1896 . over the next 80 years it expanded throughout the uk opening its 100th branch in pershore in 1979 . throughout the 1980s c & g acquired several smaller building societies as consolidation of the sector intensified . c & g s headquarters were at cheltenham house in central cheltenham up until their move to barnwood in 1989 . 3 the then building society had commissioned a sculpture by british artist barbara hepworth theme and variations 4 which can still be seen displayed on the front of cheltenham house . in 1984 cotswold building society transferred its undertakings to c & g. this was followed by the waltham abbey in 1985 the colchester the london permanent and the cardiff in 1987 the essex equitable and the bolton in 1988 the bury st edmunds in 1989 the bedford the guardian the peckham and the walthamstow in 1990 the portsmouth and the bedford crown in 1991 and the mid sussex in 1992 . 5 in 1993 c & g merged with the heart of england building society . by this point it had taken over the portsmouth guardian peckham walthamstow cardiff colchester london permanent bolton bury st edmunds and essex equitable building societies . 6 c & g converted to a bank in 1995 7 as result of a takeover approach from lloyds tsb . this involved the demutualisation of the society and generated a windfall payment to its members . in 2007 c & g was restructured and closed 31 of its 195 branches resulting in the loss of 315 jobs . 8 at the same time the savings assets of cheltenham & gloucester plc were transferred to c & g savings a division of the then lloyds tsb bank plc. the lender for c & g mortgages also changed to lloyds tsb bank plc whilst cheltenham & gloucester plc remained in charge of designing and administering the mortgages . a former branch of the c & g in peterborough cambridgeshire rebranded tsb in september 2013 on 9 june 2009 it was reported that lloyds banking group were to close cheltenham & gloucester s 164 branches in november of that year at the cost of around 1 660 jobs . 9 lloyds stated that the c & g brand name would be retained for mortgages and savings while customers could use any branch of lloyds tsb to access their accounts . 10 however on 19 august 2009 lloyds announced that it was to review this decision . 11 mergers and acquisitions edit the following societies either merged with or were acquired by c & g 12 13 building society date merged acquired surrey dec 1943 permanent salopian benefit apr 1948 equitable benefit jul 1951 yeovil & society south somerset sep 1960 vale of evesham dec 1961 hitchin mutual permanent jun 1971 smethwick dec 1973 tewkesbury & district oct 1974 north london dec 1976 cotswold jan 1984 waltham abbey jul 1985 colchester jun 1987 london permanent aug 1987 cardiff oct 1987 essex equitable mar 1988 bolton oct 1988 bury st edmunds jan 1989 bedford apr 1990 guardian apr 1990 peckham jun 1990 walthamstow oct 1990 portsmouth jun 1991 bedford crown jul 1991 mid sussex aug 1992 heart of england oct 1993 staff association edit c & g had its own staff association which represented members of staff in the building society for collective bargaining purposes and individual members of the staff association for disciplinary and grievance purposes . in 2004 the staff association merged with the trade union amicus retaining its own c & gsa branding until amicus merged with the tgwu in 2007 to form unite . 14 project verde edit before rebranding after rebranding speculation had arisen that lloyds was to sell off c & g after the european commission demanded in late 2009 that both it and royal bank of scotland sell off existing branches in order to safeguard competition concerns following their respective bail outs by the uk government . 15 lloyds announced the creation of project verde in november 2009 . 16 in july 2012 it was announced that all of the c & g branches along with some lloyds tsb branches would be sold to the co operative bank and rebranded as tsb . 17 18 however in april 2013 the co operative bank decided not to proceed with the acquisition citing the economic downturn and tougher regulatory environment imposed on banks . lloyds banking group confirmed that the rebranding to tsb would still take place . 19 the new tsb bank was launched on 9 september 2013 and all cheltenham & gloucester branches were rebranded tsb on this date . the new bank was divested from lloyds banking group in 2014 through a stock market flotation and was acquired by sabadell group in july 2015 . on 13 june 2013 the treasury select committee announced an inquiry into the required divestment of the verde branches and the collapsed bid from the co operative bank . 20 as of december 2013 the inquiry is still ongoing . 21 future edit as a result of the formation of the new tsb bank c & g no longer has any branches and does not provide new mortgages or savings products to any customers . retained c & g mortgages are administered by cheltenham and gloucester plc and are provided by lloyds bank plc. retained savings accounts are held with c & g savings a trading division of lloyds bank plc. 22 following the transfer of all c & g branches to tsb bank plc c & g products can be serviced at lloyds bank branches by phone or by post . 23 see also edit cheltenham & gloucester building society v norgan cheltenham & gloucester trophy references edit how to apply . retrieved 2013 12 10 . tsb is back on the high street . cheltglos.co.uk . retrieved 2013 10 15 . the citizen and gloucestershire echo 23 06 2009 digital edition . edition.pagesuite professional.co.uk . 2009 06 23 . retrieved 2013 10 15 . theme and variations . barbara hepworth . retrieved 2013 10 15 . rex simon 2013 07 01 . building society mergers and conversions since 1980 . building societies association . retrieved 2013 12 01 . goldsmith vivien 1993 05 06 . c & g to merge with heart of england . the independent . retrieved 2013 12 01 . the c & g a brief history 2009 06 09 . gloucestershire credit crunch the c & g a brief history . bbc . retrieved 2013 10 15 . ferreira marques clara 2007 08 08 . uk s lloyds tsb cuts jobs as 31 c & g branches close . reuters . retrieved 2013 12 02 . jones alan 2009 06 09 . lloyds branded a disgrace for c & g branch closures business news business . the independent . retrieved 2013 10 15 . business lloyds closing all c & g branches . bbc news . 2009 06 09 . retrieved 2013 10 15 . business lloyds to review closure of c & g . bbc news . 2009 08 19 . retrieved 2013 10 15 . extract from bsa yearbook 2013 14 mergers and name changes pdf . building societies association . 2013 10 04 . retrieved 2013 12 02 . cheltenham & gloucester plc history . fundinguniverse . retrieved 2013 12 02 . finance and legal history . unite the union . retrieved 8 october 2015 . business rbs and lloyds set for sell offs . bbc news . 2009 11 03 . retrieved 2013 10 15 . http ec.europa.eu eu law state aids comp 2009 n428 09.pdf http www.lloydstsbtransfer.com documents transferring branches.pdf bbc news q & a co op buys lloyds tsb branches . bbc.co.uk . 2012 07 19 . retrieved 2013 10 15 . lloyds branch sale to co op falls through . bbc news . 2013 04 24 . retrieved 2013 04 24 . inquiry into project verde set to begin . insolvency news . 2013 06 13 . retrieved 2013 12 11 . project verde . uk parliament . retrieved 2013 12 11 . mortgages and savings from cheltenham & gloucester c & g . cheltglos.co.uk . 2013 09 10 . retrieved 2013 10 15 . how you contact us . cheltglos.co.uk . 2013 09 09 . retrieved 2013 10 15 . external links edit official website v t e lloyds banking group retail lloyds bank lloyds bank international bank of scotland halifax birmingham midshires bank of wales commercial lloyds development capital agricultural mortgage corporation consumer black horse lex autolease colleys insurance scottish widows lloyds bank general insurance underwriter lloyds bank insurance services intermediary former lloyds tsb lloyds associated banking company lloyds and national provincial foreign bank bank of london and south america bank of london and montreal cox & kings national bank of new zealand lloyds bank california lloyds bank canada cunliffe brooks fox fowler and company lewis s bank cheltenham & gloucester trustee savings bank tsb bank hbos bank of scotland international halifax ireland banco halifax hispania intelligent finance clerical medical british linen bank the leeds annual group revenue gb 43.467 billion 2010 employees 100 000 2012 stock symbol lse lloy nyse lyg website www.lloydsbankinggroup.com legislation lloyds tsb act 1998 hbos group reorganisation act 2006 category commons v t e commercial and retail banks in the united kingdom banking in the united kingdom barclays barclays bank barclays wealth cybg clydesdale bank yorkshire bank hsbc holdings first direct hsbc bank hsbc private bank m & s bank lloyds banking group1 bank of scotland bank of wales birmingham midshires halifax lloyds bank royal bank of scotland group2 adam and company child & co. coutts & co. drummonds bank natwest royal bank of scotland ulster bank santander group cahoot cater allen santander uk wholly state owned national savings and investments post office money uk financial investments uk asset resolution bradford & bingley3 nram3 other airdrie savings bank al rayan bank aldermore allied irish bank gb first trust bank 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