Traders in Reepham say they are worried about their future after the recent decision by HSBC to shut the town’s only bank.
Some town-centre retailers fear the closure of the branch could lead to more empty shops if already struggling businesses shut down or move out.
HSBC said it is closing the Market Place branch on 9 October because not enough people use it – even though queues often form outside during busy periods and the cash machine appears to be well used, day and night.
Both business and personal accounts are being moved to HSBC’s London Street branch in Norwich. However, this could mean a large chunk taken out of a working day for a shop-owner or small business to deposit cash and/or cheques. (HSBC branches at Dereham and Mile Cross may be slightly closer.)
Brenda Gostling, chairman of Reepham Chamber of Commerce, said the closure would be a devastating blow for the town, particularly for the many independent traders and small businesses that rely heavily on HSBC for their banking.
“Obviously, this is really bad news for Reepham, both for the residents and the businesses, and we will be mounting a campaign to try to make HSBC change its mind,” she said.
“This decision will have a serious impact on our retail traders – it’s not just the withdrawal of banking services that is the issue, it’s also the removal of one of the key facilities that draws people into the town from the surrounding area.
“To have no bank or cash machine in the Market Place will undoubtedly put added stress on retailers who are already struggling in the current financial climate.
“The bank here is always busy and I am disappointed that HSBC have taken a decision that seems short-sighted. We have begun to see some positive growth here with the development of the Dial House and the expansion of The Original Cottage Company into Bank House.”
It will be remembered that the HSBC branch was shut for several months in 2012 after being ram-raided and the ATM stolen.
This had a significant impact with businesses experiencing noticeably reduced footfall as customers went elsewhere to do their banking and get their cash – inevitably taking some of their shopping away from the town. Conservative estimates put the loss of turnover at 15-20% during this period.
In a statement HSBC said: “We never take the decision to close a branch lightly, and we understand it’s unsettling for the local community.
“Unfortunately, use of the Reepham branch has fallen significantly over the past few years, and we’ve taken the difficult decision to close it.
“We are working with customers who use the branch to help them understand their options, which include being able to use the Reepham post office to check their balance and withdraw and pay in cash and cheques to their HSBC account.
“There is a fee-free cash machine in the town [outside the Spar in Ollands Road] and we’re working with our suppliers to leave an ATM. We’re [also] working with our employees who work in the branch to find them a role in the local area.”
HSBC said that over the past four years footfall has dropped by almost 40% across all its branches nationwide. An HSBC spokesperson said the footfall decline in Reepham is in line with this figure.
However, Mrs Gostling challenged HSBC’s assertion that the branch is not busy enough, suggesting they should visit Reepham on any day of the week and see just how busy it really is.
Meanwhile, Broadland MP Keith Simpson is trying to organise a public meeting between HSBC and local residents and businesses.
Mr Simpson said that, during a meeting with senior HSBC representatives in June, the bank indicated it would be willing to come to Reepham and discuss the effects of the branch closure with customers.
The Reepham Town Team, in conjunction with the local Chamber of Commerce, is currently preparing a response to HSBC’s decision, expressing the town’s concerns, challenging the bank on its obligations under the Access to Banking Protocol, and seeking alternative, adequate arrangements for businesses and other customers.
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