Nottingham Building Society to close a third of branches

The Nottingham building society says it will close a third of its branches "due to changing consumer behaviour".

The society said 17 branches including Leicester, Matlock and Skegness would close before the end of the year.

Kathryn Kitson, from the society, said the branches were "unsustainable" as some customers had not returned since Covid lockdowns.

She said staff would be offered roles elsewhere in the business and branch customers would also be supported.

Other locations affected by the closures are: Ashbourne, Bourne, Crystal Peaks, Fakenham, March, Melton Mowbray, Rothley, Scunthorpe, Spalding, Stamford, Stapleford, Thetford, Wigston and Wollaton.

Ms Kitson, head of branch network at The Nottingham, said the firm had carried out a "thorough review" of how members were using branches and found "very low levels of transactions and usage" at some locations.

"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," she said.

"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."

Ms Kitson said The Nottingham would "be focused on doing the right thing by colleagues over the coming weeks" by running a redeployment programme and offering "enhanced redundancy pay" to those leaving the business.

The closures will reduce the society's branches from 48 to 31.