Another Melton banking outlet to close by the end of the year

Another Melton banking outlet is to close in a further blow to the town centre economy, it was confirmed this morning (Wednesday).
The Melton branch of the Nottingham Building Society, which is to close this yearThe Melton branch of the Nottingham Building Society, which is to close this year
The Melton branch of the Nottingham Building Society, which is to close this year

The Nottingham Building Society, on Market Place, will close its doors by the end of the year, following the TSB and Barclays closing this year.

The company, which is closing 17 of its branches in total, has blamed the move on changing consumer behaviour, which accelerated during the pandemic and which it says looks set to be a permanent change.

The society is in the process of communicating with members connected to the impacted branches, which also include those in Leicester, Stamford and Wigston.

Kathryn Kitson, head of branch network at The Nottingham, said: “Following a thorough review of how our members are using our network, it became clear that we have too many branches for the size of building society that we are.

“Since Covid, whilst some members have returned, many have not, leaving a number of our branches with very low levels of transactions and usage.

"Therefore, we’ve made the hugely difficult decision to close 17 branches in locations where the level of activity in the branch has reached a point where it is no longer sustainable.

“We appreciate this is disappointing news for both the members who use one of the affected branches, and our colleagues who work there.

"However, we have been thorough and considered when making decisions on which branches to close, trying to ensure there are options in place for more vulnerable members and also taking into account the impact on the communities our branches serve.

“The decision to close branches is never one that is taken lightly so our absolute priority is doing all we can to provide the best possible support for all those impacted by these changes.”

As well as offering support and advice on alternative options for managing their money, there will also be information on the drivers of the decision detailed in member letters and on a dedicated branch closure support hub on its website.

Although many branches have an alternative branch close-by allowing members to manage their savings, there are some instances where this is not possible, and the society has committed to working with these customers to try and find alternative support, including other suitable savings options elsewhere.

The affected branch locations, aside from Melton, are Ashbourne; Bourne; Crystal Peaks; Fakenham; Leicester City; March; Matlock; Rothley; Scunthorpe; Skegness; Spalding; Stamford; Stapleford; Thetford; Wigston; Wollaton and will close before the end of the year.

As well as the proactive outreach programme to support members, The Nottingham say it will also be focused on doing the right thing by colleagues over the coming weeks.

In addition to a redeployment programme offering impacted team members suitable roles elsewhere across the branch network or in the wider business, the Society say that enhanced redundancy pay will be offered to those members of staff leaving the business.

Following the closures, the Society’s network will consist of 31 branches across seven counties.