Swansea Building Society expands Cradock Street head office

Swansea Building Society has expanded its head office at 11/12 Cradock Street, Swansea, with the acquisition of the adjoining property – number 13. The refurbishment of the adjoining property is set to take approximately 10 weeks, with a move-in date scheduled for the end of January 2023.

The acquisition has been made to help accommodate the Society’s growing workforce, which has grown by 10 percent over the past year. Extensive work is now required on the new property, with a full refurbishment, new windows, and a new roof needed before it can comfortably accommodate the Society’s additional staff.

The move in date is set to tie in with an important milestone in Swansea Building Society’s history – it will celebrate 100 years as a mutual in 2023.

As it approaches this key landmark, the Society is enjoying a period of sustained and significant growth – the result of many years planning and investment. Its total assets, mortgage balances, savings, capital, and profits all reached record highs in the past year, passing the landmark £500 million in total assets for the first time.

It has also invested more than £1 million in its IT and back-office infrastructure, in a project that replaces all its hardware, considerably strengthens its cyber security, improves resilience with a remote disaster recovery site, and enhances the online offering it is able to provide its customers.

Along with this, the Society has invested in new talent across a number of departments including mortgage underwriting, IT, marketing, and the mortgage sales team. It has also employed several new customer-facing staff to help it support the increased footfall it has experienced at all its local branches in Swansea, Mumbles, Carmarthen and Cowbridge.

Alun Williams, Chief Executive at Swansea Building Society, said:

“The acquisition of number 13 Cradock Street is much needed to accommodate our growing head office workforce. When completed, the refurbished extension to our property will host 14 staff and allow us room for further expansion if needed.

“Our success and investment over recent years means that we are even better prepared to help our members plan their finances and get the savings and mortgage products they need for a better and more secure future. By increasing our staff, expanding our premises, and updating our IT infrastructure, we are better able to serve them with the financial advice and products that are right for them. It also means we can provide them with a choice of options about how they manage their finances – in person at one of our many branches or online – whichever is most convenient.”

Cllr Rob Stewart, Leader, Swansea Council, said:

“The expansion of Swansea Building Society’s headquarters in Cradock Street is more great news for our city centre. The Society is a shining example of a successful, community-minded mutual, and to see it expanding its workforce, creating jobs, and bringing them right into the heart of the city is fantastic.

“Cradock Street is undergoing considerable redevelopment with the renovation and repurposing of the Albert Hall by Depot Swansea – directly opposite Swansea Building Society’s headquarters – into a multi-purpose venue. Renovation of this area is another example of how we are saving the city’s heritage for future generations in a way that is useful and meaningful to the people of Swansea. The city is undergoing an important phase in its regeneration, and organisations like Swansea Building Society play a vital role in ensuring that this regeneration is sustainable for the future.”