Manchester Building Society returns to high street with flagship city centre branch

The Manchester Building Society brand is being revived by its parent group with a pledge to invest “millions” into opening branches in high street locations across Greater Manchester.
Promising ‘better for Manchester’ the multi-million-pound, long term investment by The Newcastle Building Society Group will see a new flagship branch location open in King Street, in the city centre, in the former Diesel Jeans shop on the corner with Cross Street.
The Newcastle Building Society is the biggest building society in the North East, with a network of 32 branches and with assets of more than £6.2bn is the UK’s seventh largest and claims to be the fastest growing building society, notably since the “merger” with the Manchester in 2023.
Chief executive Andrew Haigh said they represented a better alternative to the trends in consumer finance.
“Big banks are placing profit above customers, withdrawing from the high street, and pushing people online as the only way to manage their finances. A better alternative exists and we’re delighted to be bringing it to life in Manchester,” he said.
The North West is in the UK’s top four worst hit regions for bank and building society branch closures. More than 702 branches have closed since 2015, leaving many with few or no options to bank locally, and struggling to access cash.
By contrast, he says Manchester Building Society will open branches, starting in the heart of Manchester city centre, and ultimately building out across Greater Manchester’s towns and the wider North West, as part of an ongoing consultation with civic leaders and communities.
Haigh also told TheBusinessDesk.com that branches could open in libraries, community hubs and business incubator spaces.
“Businesses in the region should know they have financial provider coming in who understands that a vibrant High Street is really important for all communities, so we expect to be working alongside lots of organisations who are like minded.”
The branch opening at a date yet to be fixed will also see Manchester Building Society staff move from their present office on Portland Street.
The investment in the city and the wider regional plans has been endorsed by both the leader of the council and the head of the city region’s inward investment agency.
Councillor Bev Craig, Leader of Manchester City Council, said: “Key to any prosperous and inclusive city is access to financial services. With the total number of bank branches nationwide effectively halving in the past decade, new facilities such as this will provide vital in-person services to residents of Manchester and the wider city-region.
“Commitments to providing community space and forging strong charity partnerships are further examples of how the brand’s reintroduction will bring social value to our residents, getting behind our city-wide ambition to Make Manchester Fairer.”
Joe Manning, Managing Director at MIDAS, Manchester’s Inward Investment Agency said: “Manchester Building Society’s decision to open a flagship branch in King Street demonstrates strong confidence in our city centre as a place to invest.
“The investment in a physical presence is greatly welcomed, creating new community hubs that bring vital financial services back to our local communities while creating new jobs and economic opportunities across Greater Manchester.”
The branches will offer savings and mortgage products as well as face-to-face financial guidance and advice.
Andrew Haigh continued, “Manchester has mutuality and the co-operative movement in its DNA. It’s a city where change happens. But the people of Manchester and the wider region have been underserved by the financial services sector. They deserve better.
“We want our Manchester Building Society branches to be seen as places people can comfortably walk into and receive expert guidance, advice, support and assistance – even if they are not yet customers. Through our growing customer base, we see how a branch experience is relevant across the generations.”
Having recently received planning permission to renovate a three-storey flagship location at 74 King Street, a grade 2 listed building, the Society’s inaugural branch is expected to open “later this year”.
Alongside the ground floor customer service area will be private meeting rooms, offices for 40 staff and space for local community groups to use for free.
Manchester Building Society will also develop “significant charity partnerships” with Forever Manchester and Salford Youth Zone. These follow the model established by the Newcastle Building Society with its community investment in the North East.
Andrew Haigh added: “We are determined to play our part in increasing financial inclusion in Greater Manchester, building a brand with a visible presence on the high street. Working with local government, community groups and leaders, we will develop an offer based on the principles of face-to-face advice and trustworthy financial products from an organisation that has a long-term stake in the future of the area.”