The Nottingham set to axe 17 branches

The Nottingham Building Society is set to close a third of its branches, in what it has described as a “very difficult decision”.

Branches in Ashbourne, Bourne, Crystal Peaks, Fakenham, Leicester city, March, Matlock, Melton Mowbray, Rothley, Scunthorpe, Skegness, Spalding, Stamford, Stapleford, Thetford, Wigston and Wollaton will close after The Nottingham said that fewer and fewer people were now visiting physical outlets and were banking online.

Staff from the axed branches will be offered jobs elsewhere in the business, The Nottingham said. The cull will mean a drop in branches from 48 to 31.

A statement from The Nottingham said: “We have a responsibility to our members to make sure we have an efficient branch network and that we operate in locations where members need and use them the most.

“We’ve been very thoughtful, and done a significant amount of analysis, to understand the impact branch closures will have. We have looked at the distance to an alternative Nottingham branch, whether there are other financial service providers on the high street or whether we are the last remaining branch.

“We’ve also considered the impact on colleague morale of working in branches where they have little to no interaction with members.”

In July, The Nottingham reported pre-tax profits of £11.3m after experiencing a positive six months driven by growth in its digital savings balance and new mortgage lending.