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Residential area with ecological and sustainable green residential buildings, low-energy houses with wooden facade, timber construction and green courtyard

Case study:

Ecology Building Society

About Ecology Building Society

Ecology Building Society was launched in 1981 to fill a clear gap in the market for sustainable finance. It remains focused on offering mortgages on sustainable properties and projects and an opportunity for ethical savers to make a difference through their investments.

 

As a member-owned Building Society, Ecology BS offers a range of ethical savings and mortgage products in England, Scotland, Wales and Northern Ireland.

 

It has a loyal following of members, committed to supporting the organisation’s vision of creating a fairer society in a sustainable world.

Our work with Ecology Building Society

Allia C&C first worked with Ecology Building Society in 2020 with the issuance of £3m Core Capital Deferred Shares (“CCDS”). The transaction was initially unlisted due to size and distributed to institutional investors, a Local Authority Pension Fund and a selection of professional investors.

 

In 2025 Ecology sought to issue additional CCDS. Allia C&C advised Ecology on the listing of its existing CCDS on The International Stock Exchange to expand the number of investors able to purchase the security. Allia C&C then approached the market to sell an additional £4.1m of CCDS, increasing the total issue size to £7.1m.

The impact

Ecology Building Society was able to issue an additional tranche of CCDSs. The transaction provides Ecology with Common Equity Tier 1 capital allowing us to continue expanding the scope of our operations.

 

The new issue increased the amount of CCDS from £3m to £7.1m, a rise of over 130%. It pays an indicated distribution rate of 11% per annum and was placed with a wide range of investors including West Yorkshire Pension Fund, family offices and other professional investors for whom Ecology green mission and ethical standards were an added appeal.

 

Allia C&C acted as the advisor and arranger of the issue.

 

The CCDS are listed on The International Stock Exchange in Guernsey to broaden their appeal to a wider investor base. The CCDS are transferable in minimum amounts of 5000 £1 shares.

"For every £1m raised through CCDS, we can lend £22m. The successful issue coincides with the imminent completion of our exciting digital transformation. This is the latest in a series of major milestones for the business and the service improvements it brings will be among the most visible changes to benefit our members and mortgage brokers. This latest CCDS tranche has more than doubled investment in Ecology and I’m grateful to our professional advisors for making this possible."

Gareth Griffith, CEO of Ecology Building Society