The Cambridge Building Society

The Cambridge Building Society is a UK mutual building society based in Cambridge, Cambridgeshire, England.[3] It is the 13th largest in the United Kingdom based on total assets of £1,586 million at 31 December 2019.[4] It is a member of the Building Societies Association.[5] The Society was formed in 1850 as the Cambridgeshire Permanent Benefit Building Society, adopting its current name in 1945.[6]

The Cambridge Building Society
TypeBuilding Society (Mutual)
IndustryBanking and Financial Services
Founded1850
Headquarters
Cambridge
,
England
Number of locations
13[1]
Key people
Chief Executive - Peter Burrows
Chairman - Jonathan Spence [2]
ProductsSavings, Mortgages and Insurance
Total assets £1,586 million GBP (December 2019)
Number of employees
200
Websitecambridgebs.co.uk

There is no connection between this Society and the Cambridge Foresters’ Benefit Building Society which was dissolved in 1960 or the Cambridge Peers Economic Building Society which was dissolved in 1972.[7]

History

Having been established in 1850, the Society was based at 6 Post Office Terrace in Cambridge from 1884 until 1967 when it moved to new offices at 32 St. Andrews Street. Ten years after the move the first sub-branch opened in Mill Road.

In 1979 the Society's assets reached £50 million and in the following years from 1980 to 1984 another four branches opened.

By 1984 assets had reached £100 million. From 1985 to 1991 another six sub-branches opened their doors, while more savings products were launched. By 1991 assets had reached £250 million.

The rest of the 1990s saw agency offices becoming full service branches, another five full branch openings, an increased range of products on offer and a move to the present Head Office accommodation. By 2000 assets had reached £500 million and this figure has continued to rise.

2016 saw a number of changes to its branch network.

In 2017 The Cambridge announced a £15m investment partnership with The Cambridgeshire County Council Pension Fund through the issuance of Core Capital Deferred Shares – only the second building society to do so after Nationwide.[8]

In 2017 The Cambridge launched their app to support customers manage their Savings and Mortgage on the go[9]

In 2018 The Cambridge announced a new programme 'Making The Difference' to address the challenges faced by First Time Buyers when getting on the property ladder, and following on from this during 2019 the programme was added to, with include 'Rent to Home'[10]

In March 2020 The Cambridge expanded its lending area, and now lends across England and Wales[11]

Products and Services

The Cambridge Building Society offers a range of fixed and variable rate mortgages,[12] on properties located across England and Wales.

Other products and services available through The Cambridge Building Society include savings, (business and council savings), home insurance and travel money.[13]

The products and services from The Cambridge can be managed through their branches, their telephone contact centre and online through their website[14] and their app.

Financial performance

In 2019 The Cambridge Building Society delivered gross lending of £295m and mortgage book growth of 8%. Assets as at 31 December totalled £1.586 billion and profit after tax reached £3.6 million. General reserves were stable at £87.3 million, demonstrating the underlying strength of the Society.[15]

In 2018 The Cambridge delivered pre-tax profit of £3.2 million[16] and in 2017 £3.8m.

Branch changes

The Cambridge announced plans for a three year investment programme in 2016 and since then has transformed two branches into vibrant and contemporary stores that combine digital technology with face to face expertise.[17]

As part of these plans the Society announced that five of its branches (18 operational at the time) would be closing in June of that year. The villages of Burwell, Soham and Milton saw closures and, in Cambridge, the branches in Mill Road and Chesterton Road were also closed. Five members of staff were deployed elsewhere within the Society.

This leaves 12 branches all within a 20 mile radius of Cambridge.

2018 saw a new store open in Central Cambridge[18]

2019 (summer) saw The Cambridge refurbish their Great Shelford branch[19]

2019 (winter) saw The Cambridge refurbish their Ely branch[20]

References
  1. "Contact The Cambridge Building Society". www.cambridgebs.co.uk.
  2. "About Us". www.cambridgebs.co.uk.
  3. "Mutuals Public Register". Retrieved 16 August 2016.
  4. "Building Societies Association". Retrieved 11 October 2016.
  5. "Building Societies Association Yearbook 2015/16, Page 33". Retrieved 2 August 2016.
  6. "The Cambridge Building Society". Retrieved 11 October 2016.
  7. "BSA Yearbook 2013/14, Mergers and Name Changes". Retrieved 11 October 2016.
  8. "Cambridge BS funding deal could provide template for small mutuals". Mortgage Solutions. 2017-09-06. Retrieved 2019-05-16.
  9. "The Cambridge Building Society launches mobile app". DPR. 2017-07-28. Retrieved 2020-06-15.
  10. "How The Cambridge Building Society's new chief executive, Peter Burrows, aims to make a difference". Cambridge Independent. 2019-11-19. Retrieved 2020-06-15.
  11. "The Cambridge 'go national' with their lending". www.cambridgebs.co.uk. Retrieved 2020-06-15.
  12. "A range of mortgage deals from The Cambridge Building Society". www.cambridgebs.co.uk. Retrieved 2019-05-16.
  13. "The Cambridge posts strong 2018 results with a record year of lending". www.cambridgebs.co.uk. Retrieved 2019-05-16.
  14. "The Cambridge Building Society". www.cambridgebs.co.uk. Retrieved 2020-06-15.
  15. "Review of the Year 2019" (PDF).
  16. "The Cambridge posts strong 2018 results and a record year of lending". www.cambridgeforintermediaries.co.uk. Retrieved 2020-06-15.
  17. "New multi-million pound investment programme". www.cambridgebs.co.uk. Retrieved 2019-05-16.
  18. "The Cambridge opens doors to its new central Cambridge store". www.cambridgebs.co.uk. Retrieved 2019-05-16.
  19. "The Cambridge Building Society opens new-look Great Shelford store". Cambridge Independent. 2019-07-05. Retrieved 2020-06-15.
  20. "The Cambridge unwraps new look Ely store | Cambridge Network". www.cambridgenetwork.co.uk. Retrieved 2020-06-15.
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