Established as The Cambridge Permanent Benefit Building Society in January 1850 with a mission to ‘help people have a home’, The Cambridge has been there to support customers and the community every step of the way over the last 175 years.
With customer satisfaction scores at a five-year high and having been named Employer of the Year in the 2024 Cambridge Independent Business Awards, the mutual has a platform to deliver sustainable growth to help its members and strengthen its impact within the community as The Cambridge steps into its 175th year.
With a packed year of celebrations and new initiatives ahead, The Cambridge is marking its 175th anniversary today (21 January) with two exciting announcements:
- A pledge to donate £175,000 annually from its profits to good causes to help deliver a meaningful and long-lasting impact in our community.
- The expansion of its innovative Rent to Home (RTH) initiative – with applications now open for two properties near Bury St Edmunds. The ballot winners will rent the properties from The Cambridge for up to three years and have up to 70% of their rent returned to them to use as a deposit towards buying their own home.
Peter Burrows, Chief Executive of The Cambridge, said:
“When the founding members established a building society in Cambridge 175 years ago, they were passionate about creating an organisation that enabled people to save and ultimately to have their own home.
“Fast-forward to today and that passion to offer our customers a competitive range of products supported by outstanding customer service still burns bright. The Society is in great health, and we plan to continue to grow and to invest even more into homes and housing causes in our local community.
“We’re looking forward to making a real difference in our 175th year with a range of celebrations and new initiatives – like the expansion of Rent to Home and more donations to charitable organisations – and we hope people join us for it.”
There will be further announcements throughout the year and lots of opportunities for our members and the community to celebrate with us at their local branch or store.
The Cambridge announced record profits before tax of £20.5m in 2023, with mortgage book growth of 6% and a savings balance increase of 9% providing a strong platform for investment in its people, technology and projects.
The Cambridge continues to innovate – whether that’s through its competitive savings and mortgage products, a retrofit of a 1930s home in Cambridge which will join its Rent To Home portfolio, or the installation of 258 solar panels at its head office that generates 116,000 kWh of electricity per year as part of a commitment to the environment.
Independent customer experience scores are consistently high, with 94% of members saying the society met or exceeded their expectations in 2024.
The Cambridge team donated nearly 1000 volunteering hours to help local charities last year, and the society has handed out more than £160,000 to good causes since 2020. That will be significantly boosted by their pledge to donate £175,000 annually from profits.
All of that resulted in The Cambridge winning a number of awards, including the retention of its Best First-Time Buyer Mortgage Provider title and a double triumph at the inaugural Cambridge Independent Business Awards, including Employer of the Year.
For more information about The Cambridge visit www.cambridgebs.co.uk/campaigns/175-years.
