[1] Established in 1922, MBS was a member of the Building Societies Association and Financial Ombudsman Service, as well as the FSCS deposit guarantee scheme.

The society claimed to operate a streamlined organisation, based in the heart of Manchester, which allowed them to keep costs to a minimum and pass on the benefits to members.

From 2016, the society was instructed by its regulator, the PRA, to no longer undertake new lending on the basis that it had insufficient capital on its balance sheet to mitigate risks of new business.

Nevertheless, the society continued to service mortgages issued before 2016, accepting new deposits and applications by individuals to open personal savings accounts.

The society's management took former auditor, Grant Thornton, to court, claimed it had acted negligently and ultimately caused the capitalisation concerns.