The origins of the building society as an institution lie in late-eighteenth century Birmingham – a town which was undergoing rapid economic and physical expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested in property. Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham’s highly active citizenry as part of the movement known as the Midlands Enlightenment. The first building society to be established was Ketley’s Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. Members of Ketley’s society paid a monthly subscription to a central pool of funds which was used to finance the building of houses for members, which in turn acted as collateral to attract further funding to the society, enabling further construction. By 1781 three more societies had been established in Birmingham, with a fourth in the nearby town of Dudley; and nineteen more formed in Birmingham between 1782 and 1795. The first outside the English Midlands was established in Leeds in 1785.