Partly Cloudy

Partly Cloudy

max temp: 16°C

min temp: 9°C

ESTD 1874 Search

WIN A NEW HYUNDAI i10 - See the EADT on June 8 for full details

Ipswich/Colchester: Co-operative Bank to close former Britannia Building Society branches

18:29 24 January 2013

The Britannia Building Society name is to be phased out under a rebranding programme by the Co-operative Bank

The Britannia Building Society name is to be phased out under a rebranding programme by the Co-operative Bank

TWO branches of the former Britannia Building Society in Ipswich and one in Colchester are to close under plans announced by the Co-operative Bank today to reshape its network.

shares

The bank, into which the Britannia was merged in 2009, is to close 37 branches in all and roll out a rebranding programme under which all Britannia sites will take on the Co-operative Bank identity.

However, the bank insisted that it was retaining a presence in all the towns affected, with other branches remaining open close by those due to shut.

The bank said the closures would lead to a total of 34 job losses, mainly at a managerial level, with the majority of the 188 staff employed at the affected sites being relocated to neighbouring branches.

Among those due to close are the Britannia branches in Felixstowe Road and Dale Hall Lane in Ipswich and in High Street, Colchester.

The Co-operative Bank branches in both towns will continue to operate, as will the Britannia branches in Queen Street and Woodbridge Road East in Ipswich.

John Hughes, managing director of retail banking at the Co-operative Bank said the group would rebrand all Britannia branches under the Co-operative Bank banner by the end of 2013.

The Co-op will have just over 300 branches following the closures, but it is poised to buy more than 630 that are being offloaded by Lloyds Banking Group to appease EU rules on state aid.

Its deal with Lloyds is worth up to £750million and will boost its branch network to nearly 1,000, also adding another 4.8m customers to its existing 6.5m customers.

The group has cut around £70m in costs since the Britannia merger in August 2009 and had originally planned a three-year integration to combine the businesses.

However, Mr Hughes said the Co-op had sought to ensure a “staged and measured” integration following the deal.

shares

1 comment

  • Cut 70 million in costs ? I expect a large amount of this is staff wages and not having to pay building rent. I doubt the staff will be redpoyed within the business.

    Report this comment

    the opinion man

    Thursday, January 24, 2013

Thomson Airways' new Boeing 787 Dreamliner touching down at Stansted.

Stansted Airport today marked the arrival of the latest in airline technology with the launch of a new long-haul service from the Essex terminal.

'Love every drop' branding on an Anglian Water van.

Regional water and sewerage services group Anglian Water has announced an increase in underlying annual profits, following a year which marked the end of a five-year settlement with regulator Ofwat.

Frank Brumby, eastern region chairman of R3.

East of England business victims of late payment saw more than one in six (16%) of their invoices paid late in the last six months, according to research by insolvency trade body R3.

An LA Fitness gym.

Low-cost gym operator Pure Gym is to acquire mid-market rival LA Fitness, picking up 43 clubs for an undisclosed sum thought to be in the range of £60million to £80m.

B&Q parent Kingfisher said it was ploughing on with a shake-up plan

B&Q parent Kingfisher said today it was ploughing on with a shake-up plan “at pace” as it reported a first quarter slide in sales at the DIY chain.

Sarah Howard, president of Suffolk Chamber of Commerce, and Mark Pendlington, chairman of New Anglia Local Enterprise Partnership, at the celebration marking the first year of work by the New Anglia Growth Hub.

Supporters and staff from the New Anglia Growth Hub today celebrated its first year of work.

The new Escape lounge at Stansted Airport.

A new business lounge at Stansted Airport has been used by more than 9,000 visitors in its first month.

Rooney Anand, chief executive of Greene King.

Proposals from pubs and brewing company Greene King designed to address concerns over its agreed acquisition of the Spirit Pub Company look set to be backed by the UK’s competition authority.

Angus Berry, energy manager at Thames Water, and Richard Robey, sales and marketing director at Haven Power.

Haven Power, the specialist supplier of electricity to UK businesses, has signed a deal with Thames Water worth more than £500million over the next five years.

Retail sales are

Retail sales are “bounding ahead” as falling prices and a boost to consumer spending power is giving retailers the most upbeat outlook for 27 years, according to new figures.

Most read

Most commented

Topic pages