The Cambridge Building Society has announced that it is receiving a £15m investment from the Cambridgeshire County Council pension fund.

Photo credit to Keith Heppell, Cambridge Independent

The investment will provide a trusted and secure place for the pension fund’s members’ investments while supporting the local building society’s ambitious growth plans.

The Cambridge Building Society will receive an injection of capital that will help support further growth of the business, lending more to local borrowers and investment in products and services for existing members.

The building society achieved record lending of £265m in 2016.

The investment – in real terms – will provide support to 1,000 more families in buying homes over the next two years.

“This partnership marks the start of an exciting new era in the society’s long history and will provide a bright and sustainable future for all existing and future members,” said Stephen Mitcham, chief executive of the Cambridge Building Society.

“The Cambridgeshire County Council pension fund is the ideal partner for the Cambridge as we share the vision of delivering long-term benefits for residents and the local economy.

“This synergy replicates the original founding of the Cambridge which was Cambridge people coming together to help themselves and others.”

Councillor Roger Hickford, chairman of the Cambridgeshire County Council pension fund, added: “The Cambridgeshire County Council pension fund welcomes the opportunity to invest in a long-established, Cambridge-based business and in supporting local people in buying local homes.

“We applaud the Cambridge on this innovative share issue, which will provide a stable and attractive investment return for our pension fund members.”