IN BRIEF: Friendly takeover

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The Independent Online
Lancashire & Yorkshire, Britain's third largest friendly society, is to be taken over by market leader Family Assurance The arrangement means that compensation can be paid to 59,000 Lancashire members who lost £4.5m on a property 19

89 that the board was not entitled to make .

The takeover, in which Friendly will buy the property, Hellaby Hall in Yorkshire for £1.5m, quantifies the losses applicable to affected policies. Members have accepted a 12 per cent levy on their policies to meet the bill but must approve the takeover by a two thirds majority at a special meeting in May.