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Credit union celebrates quarter-century legacy
Great Western Credit Union (GWCU) celebrated its 25th anniversary marking a quarter century of affordable, ethical finance across the region.
A special event was held to mark the occasion at Engine Shed near Temple Meads with the attendance of staff, investors and well wishers of the credit union.
GWCU was originally founded in 1999 as Bristol Credit Union at the threshold of the new millennium. Since then the financial landscape has irrevocably changed; the cost of housing, education and general living expenses have all increased and the impact of inflation on individuals and households is acutely felt than ever before.
One of the most significant shifts has been the rapid digitisation of finance, which has reshaped how people spend, access and manage their money.
Sara Davies, associate professor at University of Bristol and former director on the board during the panel discussion – photo: Milan Perera
GWCU has grown from an inner-city credit union with 16 members into the largest credit union in South West, serving over 19,000 members and the wider community across the region.
The celebrations included a panel discussion with the participation of Sara Davies, associate professor at University of Bristol (and former director on the board, for over seven years); Henry Logan, head of Finance at GWCU for 7 years; and Paul Jones who is vice-chair on the board of directors.
The panel discussed the wider impact of GWCU in the last 25 years and its place in the current economic landscape.
Speaking to Bristol24/7, James Berry, chief executive of Great Western Credit Union, expressed his ‘delight’ at the quarter century legacy of the union. He said: “To be able to grow from a very small beginning to something that now serves not just a city, but a broad region of the South West is special.
“So when I first joined and got involved in the credit union, I was the 267th member back in 2004 and I still worked at a bank at the time. From that point, we’ve grown and merged together four small credit unions in Bristol.
“We’ve then subsequently absorbed Credit Union from the local authority, brought in the Bath and North East Somerset credit union, and we’ve since taken on a couple of other credit unions, one in Dorchester and one in Stroud.”
“So through that merger and combination of different institutions, we’ve grown something that really means that we can serve tens of thousands of people across the Southwest now,” he added.
“To be able to grow from a very small beginning to something that now serves not just a city, but a broad region of the South West is special,” said James Berry, chief executive of GWCU – photo: Milan Perera
Berry further reiterated that the credit union has brought together people of various walks of life who shared similar values. He said: “We kind of bring together people across all sorts of different walks of life, all sorts of communities to manage their finances in a cooperative, which is our legal structure, so that we can bring together people who maybe have a bit more money, with people who need to borrow.
“Bring together people who are interested in saving and investing ethically with people who maybe are interested in borrowing ethically too.
“So really, kind of still in a community of people who are working together to manage their finances collectively in an ethical way, is probably our biggest achievement.”
Berry enthused about the partnership with the University of Bristol who he hailed as “our key partners”. He added: “We do a lot of academic research in partnership with the University. We manage technology programs at the university, but also work as an employer partner as well.”
Since 1999, GWCU has supported over 30,000 members, growing to be the largest credit union in the South West. In 2023 their members held £8 million in savings, and GWCU saved their members over £3.5m in total interest for loans that year alone.
GWCU also provided 359 loans to people at risk of homelessness in 2023, and made saving easier for mothers with their Family Saver Pilot, a result of its research partnership with University of Bristol.
Since 1999, GWCU has supported over 30,000 members, growing to be the largest credit union in the South West – photo: Milan Perera
Showcasing its commitment to offer a variety of products to build financial wellbeing and emphasising the importance of savings, GWCU has also announced the opening of the second tranche of its popular Fixed Rate Saver in October 2024.
To learn more about Great Western Credit Union, visit https://greatwesterncu.org/
All photos: Milan Perera
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