225 jobs at risk as famous Norwich and Peterborough brand is set to be axed

Norwich and Peterborough Building Society, Peterborough.

Norwich and Peterborough Building Society, Peterborough.

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More than 200 jobs are at risk across the Peterborough area as the owners of the Norwich and Peterborough Building Society look to axe the famous brand.

Ten Norwich and Peterborough Building Society branches are likely to be shut and N&P current accounts closed by the Yorkshire Building Society as it overhauls its business.

It is estimated that a total of 65 staff at the branches are at risk from the planned closures which are set to take place in September this year.

In addition 160 of its 400 staff at the Yorkshire Building Society offices in Lynch Wood, Peterborough, have been put at risk as a result of the decision to close the N&P current accounts and brand.

Consultations have already begun with staff deemed to be at risk.

The Yorkshire Building Society merged with the Norwich and Peterborough in 2011.

A spokeswoman said: “Everything is being done to ensure the relocation or deployment of staff affected. We also expect there to be some natural turnover of staff.”

The society say it plans to close its N&P current accounts to existing customers and withdraw the N&P brand from the high street over the next year.

The society says it will work with affected customers and will contact them to outline what these proposals mean for their specific circumstances.

The branches earmarked for closure include outlets in Bretton, Werrington, Bourne, Market Deeping, Stamford, Spalding, Oundle, Whittlesey, March and Huntingdon.

Eight branches, including Cathedral Square, Peterborough, will remain open.

Mike Regnier, chief executive of the Yorkshire Building Society, said: “The Norwich & Peterborough brand has been part of Yorkshire Building Society since 2011, and inevitably, some of our colleagues and members will be disappointed by these proposals.

“The values of the N&P and Yorkshire brands are synonymous.

“We believe operating with Yorkshire Building Society as our sole high street brand would allow us to run the business more effectively and efficiently, enabling us to deliver better products and services for our members.

“These proposals would help us achieve that aim and further reinforce Yorkshire’s position as one of the most trusted financial services providers in the UK.”