The struggling Manchester Building Society has been pushed deeper into losses after paying £2.3m in damages and legal expenses to Grant Thornton, its former auditor, and warning that it is likely to incur further costs.
The building society sank to a £1.6m loss before tax in the six months to June 30, compared with a £700,000 loss in the same period last year.
Formed in 1922, the building society has 14,000 saving customers and 3,000 borrowers. It has shut its doors to new lending and closed its only branch in its home city in April. It is still active in the savings market.
