The US private equity group JC Flowers, is all set to pool in £50m in a joint project with Kent Reliance constructing society that shall encourage the capital of both the firm and look forward to create a vehicle for the consolidation of additional medium-sized societies.

The step shall be the first move towards the private equity firm that has invested in a UK mutual lender.

Om Monday the Kent Reliance established discussions that took place amidst the two groups which could turn out into to a new formation however the group shall provide Kent Reliance's members to stay members in the mutual organization.

The financial coup expert group, which was sure to buy Northern Rock between the credit crunch and failed to turn out a positive deal between Friends Provident, shall entail a 49 per cent bet in the joint venture. Kent Reliance shall maintain the majority share.

According to Sir Callum McCarthy, who is the former chairman of the Financial Services Authority and who is now heading as European chairman of JC? Flowers shall join the board of the new group and might be chairman.