Welsh Mutual Principality Extends Reach with Landmark £20m Deal in England
Principality Commercial has announced a significant new partnership, agreeing a £20 million funding deal with Rochdale Boroughwide Housing Limited—the organisation’s first lending agreement with a housing association based in England.
The milestone marks a strategic expansion for the Welsh mutual, extending its reach beyond Wales to support community housing projects in the North West of England.
Rochdale Boroughwide Housing (RBH), the UK’s first tenant and employee co-owned mutual housing society, manages more than 12,000 homes across Rochdale. The new funding will support RBH’s work in maintaining and improving its stock of social and affordable housing in the east Greater Manchester area.
Jan Quarrington, Senior Portfolio Manager at Principality Building Society, said:
“This new partnership marks an exciting new chapter for Principality Commercial as we extend our reach and funding into England. Supporting housing providers in England allows us to make a positive impact in more communities with affordable housing options and community services, and particularly in the North West where we already have a growing customer presence.
As a mutual, we are honoured to partner with an organisation that shares our dedication to making housing more affordable and achievable. We are confident that this funding will help Rochdale Boroughwide Housing continue to strengthen its services and build thriving neighbourhoods.”
Amanda Newton, Chief Executive of Rochdale Boroughwide Housing, commented:
“We are also incredibly proud to have the support of our existing funders and to welcome Principality into the English social housing sector for the first time. This package gives us the stability and flexibility we need to build a better future together.”
The partnership reinforces Principality Commercial’s long-standing commitment to supporting social and affordable housing providers, aligning with its mutual values and growing presence in key UK regions.