Jobs at risk as town branches are lined up for 2017 closure
About 25 jobs could be at risk after an announcement that four Lincolnshire branches of a high street building society, including Spalding, are to close.
Yorkshire Building Society (YBS) Group, which runs the Norwich and Peterborough (N&P) network, revealed plans to shut 48 branches across the UK due to the rising popularity of online banking.
N&P branches in Sheep Market, Spalding; North Street, Bourne; Market Place, Market Deeping; and Stamford are the four branches in Lincolnshire down for closure later this year.
As well as branch closures, hundreds of customers will see their current accounts closed as the N&P brand is set to disappear from the high street altogether.
Mike Regnier, chief executive of YBS, 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.
“Therefore, we no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and YBS network.”
The N&P branch in Spalding celebrated its 55th anniversary in September 2016 and, last month, donated £100 each to three charities, including Friends of The Garth School in Spalding.
Mr Regnier said: “The N&P brand has been part of YBS since 2011 and, inevitably, some of our colleagues and members will be disappointed by these proposals.
“However, the values of the N&P and Yorkshire brands are synonymous and we believe that by operating with YBS as our sole high street brand, it will allow us to run the business more effectively and efficiently, enabling us to deliver better products and services for our members.”