Allia C&C is delighted to announce that it has arranged an additional £2.9m of Core Capital Deferred Shares (“CCDS”) for Ecology Building Society (“Ecology”) taking the total CCDS outstanding to £10m.
The transaction provides Ecology with additional Common Equity Tier 1 (CET1) capital, to support its continuing expansion.
Allia C&C acted as sole adviser and arranger on the transaction.
“Being able to raise additional, high-quality capital through CCDS is significant for a mutual our size and means we can realise our growth ambitions,” said Gareth Griffiths, Ecology Building Society’s Chief Executive Officer.
“Following the traditional building society model, deposits by our savings Members fund our mortgage lending but this is boosted by capital raised by CCDS – for every £1m raised through CCDS, we can lend £22m.
“This latest funding completes our capital raising for now. I’m grateful for the support from Allia C&C and the investors who have been attracted by our ethical principles and vision of what Ecology can achieve.”
Allia C&C started working with Ecology Building Society in 2020, when it arranged an initial issue of £3m unlisted CCDS. In 2025, Ecology listed the issue on The International Stock Exchange and raised a further £4.1m of CCDS, to take the total to £7.1m. This has now been increased to £10.0m.
The issue shows the strength and flexibility of the market for building society CCDS, with the number and range of investors growing steadily as the transaction has increased in size. It now has support from over 40 investors, made up of Charitable Foundations, Local Authority Pension Funds, Wealth Managers, Bond Funds and Professional Investors. In the process, Ecology has been able to use its access to CCDS to grow its total assets by 60%.
Founded in 1981, Ecology Building Society was established to address a clear gap in the market for sustainable finance. The Society remains focused on providing mortgages for sustainable properties and projects, while offering ethical savings products that enable members to support positive environmental and social impact. As a member-owned building society, Ecology serves customers across England, Scotland, Wales and Northern Ireland. It benefits from a loyal membership committed to supporting its vision of creating a fairer society within a sustainable world.
