Cambridge Building Society used its purpose to re-think its branch refurbishment programme as an opportunity to provide tangible help for struggling first-time home buyers.
The retail financial business decided to build high-quality city centre homes above some of its branches and rent them out at 70% below market rates. Renters stay for three years and use the discount to save towards a deposit on their first home.
CEO Peter Burrows tells the story, and explains why purpose is like “the force” in Star Wars, on this episode of The Purposeful Strategist.
Peter was appointed Chief Executive of The Cambridge Building Society in 2019, having joined as Finance Director in 2016. He is a chartered accountant with over 20 years’ experience in financial services, gained in a combination of executive management and consulting roles in the UK and overseas.
Prior to joining The Cambridge, Peter was CEO of Engage Mutual, a mutual insurance business. His earlier career was spent with Aviva plc and Ernst & Young. Peter has also served as a director of the Association of Financial Mutuals and as a governor of a leading further and higher education college. He is a mathematics graduate of Oxford University.
Peter is married with two daughters, and a keen club cyclist and rugby union watcher.
Peter Burrows