Latest news with #BritishHighStreets
The Sun
a day ago
- Business
- The Sun
Major bank to close 23 more branches this month in huge blow to UK high streets
A MAJOR bank is set to close 23 branches this month, as British high streets struggle to survive. The first round of Santander's closures is underway, after the bank announced in March of this year that they would be shutting at least 95 sites nationwide. 2 They cited the reason for the closures as customers moving increasingly online, reducing the need for in-person services. A statement on its website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." However, there are concerns about the impact these closures could have on vulnerable people with limited access to online facilities. Charities like Age UK are campaigning to maintain some in-person banking options, with 4 million older Britons unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' The only alternative is 'Banking Hubs' which have been launched to give customers access to cash and services, regardless of which bank they are with. In addition to the 95 closures countrywide, Santander will also be making changes to surviving branches. This includes reduced opening hours, converting some to 'counter-free' businesses, and opening work cafes. These 'work cafes' provide free co-working spaces, bookable meeting rooms and banking facilities, available to anyone, even if you aren't a Santander customer. Santander's £130 Million Recovery: What You Need to Know The closures are part of a wider financial shift in which banks are prioritising online services. According to consumer group Which?, more than 6,300 bank and building societies have closed since January 2015. This averages out to 53 store closures per month. 2 Other major banks have also made the decision to close a number of branches, with 102 set to close across different banks this month. This includes major providers like Lloyds, Natwest and Halifax, in addition to Santander's closures. Meanwhile Nationwide has promised to keep its nearly 700 branches open until the start of 2028 as they claim more customers are visiting their stores. Santander is set to close even more stores over the coming months, with the dates of 18 branches still yet to be announced. Reduced hours will come into effect on June 30, with 36 stores affected. Here is the full list of June closures: Aberdare - 24 June Arbroath - 17 June Blackwood - 23 June Brecon - 25 June Clacton - 16 June Cleveleys - 23 June Croydon 128 NE - 16 June Dungannon - 23 June Eltham - 23 June Fleet - 30 June Gateshead Metro - 16 June Glasgow LDHQ - 24 June Glasgow MX - 23 June Greenford - 24 June Kidderminster - 18 June Kilburn - 17 June Launceston - 16 June Louth - 17 June Magherafelt - 24 June Musselburgh - 30 June Peterhead - 16 June Portadown - 30 June Swandlincote - 30 June Torquay - 17 June
The Independent
6 days ago
- Business
- The Independent
WH Smith to complete sale of high street chain within weeks
WH Smith has said it remains track to complete the sale of its UK high street chain to Hobbycraft owner Modella Capital at the end of the month. The deal, which was agreed in March and values the high street chain at £76 million, will see the WH Smith name disappear from British high streets and be replaced by brand TGJones. All of the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital's ownership as part of the deal. In an update ahead of the sale completing, WH Smith said its remaining travel division – which includes shops in airports, train stations and hospitals – had performed well with like-for-like sales up 5% in the quarter to May 31. It did not provide third-quarter figures for the high street arm due to the sale, but half year results in April showed the profits at the chain slumped by a quarter to just £20 million. In the UK, its travel arm delivered a 6% rise in like-for-like sales over the third quarter, with airport shops outperforming the rest of the estate, with a 7% rise. It said it recently opened its first Smith Family Kitchen coffee offering in an airport, as well as a new standalone bookshop. Across its North America travel chain, comparable store sales rose 2% but were up 7% on a total and constant currency basis. In the rest of the world, like-for-like sales were 7% higher and surged by 12% on a total and constant currency basis. The group said: 'While we are mindful of the broader economic and geopolitical uncertainty, the group is well positioned as we enter our peak summer trading period.' The sale of its high street arm comes after years of under-pressure sales and profits at the division, while WH Smith's travel business has grown to make up the bulk of its sales and profits, with more than 1,200 stores across 32 countries. Buyer Modella Capital specialises in investing in retailers. It has previously put money into chains including Paperchase and Tie Rack, while in August last year, it snapped up arts and crafts retailer Hobbycraft for an undisclosed sum.
