The Nottingham said they want to take its branch network to 48 with the merger of eight branches ‘that have a partner branch in very close proximity and in locations where current branch presence is high’.
Carlton Hill and Netherfield are included on the list of eight branches proposed for mergers.
The other branches named are Wollaton Park, Firth Park, Groby, Sherwood, Ruddington and Harpenden.
The Nottingham said a branch closure will only take place if services can be merged with a branch ‘no more than five miles away’.
In a statement released this morning, the building society said: “Whilst most of the locations affected are in the Greater Nottingham, area, following these changes the society will still have eight branches within a five-mile radius of its Nottingham Head Office.’
They also said they plan to demonstrate their ongoing commitment to branches ‘by investing in modernising and upgrading a number of branches to enable them to support more members’.
The branch mergers will take place in the fourth quarter and the Society said will be working closely with its members and team members during this period to support them with the transition.
Chief executive officer of The Nottingham, David Marlow said: “Like many other businesses, as a consequence of the pandemic we have seen consumer behaviour changing significantly with members increasingly looking to manage their finances through digital channels, which has become essential for some during the pandemic.
“We are in a very different place to where we were a few years ago and post-pandemic we don’t anticipate that every member will revert back to using branches as they did before. In addition to this, we know that younger customers favour a digital solution.
“To stay relevant and grow our membership we must adapt and change the way we deliver our purpose of helping our members save for, plan and protect their financial futures, whilst reflecting how our members live and what they expect from us now and for years ahead.
“We remain absolutely committed to our branch network and we genuinely believe that branches continue to have a key role on the high street to support our members – that is why we continue to have a significantly larger branch network for a building society of our size, even after these changes.
“We will be investing in improvements in the newly merged branches, as well as implementing new working practices, such as new opening hours, to improve the member experience”.
“The Society added that the proposed changes will affect around 120 roles.
Whilst we will seek to offer redeployment opportunities from across the society and choice to impacted team members wherever we can it is inevitable that there will not be roles for everyone impacted and are therefore offering job support packages where people do leave the business.”
The Nottingham today also announced plans to enter into a alliance with Belvoir Group PLC, which will see the Society deliver estate agency and lettings services to its members through Belvoir’s established network of franchisees, trading under the brands Belvoir, Northwood, Newton Fallowell and Lovelle.
Under the agreement Belvoir franchisees will have the opportunity to operate from branches across the building society’s network, with the potential for franchisees to establish operations in locations where The Nottingham doesn’t currently offer estate agency and lettings, allowing the Society to extend these services to more of its members.