Norwich and Peterborough name to disappear from high street – 28 branches to close and 136 jobs at risk
- Credit: Mark Bickerdike Photography
The name of Norwich and Peterborough Building Society is to disappear from the high street, under plans announced by its owners today.
The brand is owned by Yorkshire Building Society Group, which has said it plans to close 28 branches across Norfolk, Suffolk and Cambridgeshire, which could result in the loss of 136 jobs.
Norwich and Peterborough Building Society (N&P) current accounts will also be closed by the end of August, meaning tens of thousands of customers will have to switch their accounts elsewhere.
The company said it was no longer 'cost effective' to keep the branches open, with only 23% of its customers having used a branch in 2016.
It added it wanted to focus on one high street brand and invest in its core businesses of mortgages and savings, making 'services as easy and simple as possible for customers'.
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The Yorkshire aims to close 20 Yorkshire Building Society branches in May and 28 N&P branches from September this year, with the N&P brand disappearing by April 2018, and will contact customers directly to explain the changes to their accounts.
Under the proposals, the new-look national group will have 260 branches: 143 Yorkshire Building Society branches, 17 current N&P branches which will be rebranded and 100 Yorkshire Building Society agencies.
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Mike Regnier, chief executive of Yorkshire Building Society, said the changes had been made as more people used digital services rather than relying on their local branch.
He said: 'The driving forces behind the proposed branch closures are shifts in market conditions and an increasing desire among customers to transact digitally rather than on the high street. We therefore no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and Yorkshire network.'
Mr Regnier said that continuing to offer a current account would require a 'significant increase' in investment which 'would not represent good long-term value' for its members.
He added: 'The Norwich & Peterborough brand has been part of Yorkshire Building Society since 2011, and inevitably, some of our colleagues and members will be disappointed by these proposals. The values of the N&P and Yorkshire brands are synonymous and we believe operating with Yorkshire Building Society as our sole high street brand would allow us to run the business more effectively and efficiently, enabling us to deliver better products and services for our members. These proposals would help us achieve that aim and further reinforce Yorkshire's position as one of the most trusted financial services providers in the UK.'
Norwich and Peterborough branches to close:
• Aylsham Road, Norwich
• North Street, Bourne
• Bowthorpe Main Centre, Wendene, Norwich
• Bretton Centre, Bretton, Peterborough
• Market Place, Bungay
• St Andrews Street, Cambridge
• St Stephens Arcade, Chapelfield, Norwich
• High Street, Dereham
• Wales Court, Downham Market
• Bridge Street, Fakenham
• High Street, Huntingdon
• High Street, Leiston
• Broad Street, March
• Market Place, Market Deeping
• Market Place, North Walsham
• Market Place, Oundle
• Plumstead Road, Norwich
• High Street, Sawston
• High Street, Sheringham
• Market Place, Southwold
• Sheep Market, Spalding
• High Street, Stamford
• King Street, Thetford
• High Street, Watton
• Skaters Way, Werrington, Peterborough
• Market Place, Whittlesey
• Station Road, Wroxham
• Market Place, Wymondham