Just two months after we reported that Sandown would be losing its branch of the NatWest bank and news reaches us that HSBC will be closing their branch in the town too.
A low customer footfall is blamed for the closure, which will leave Lloyds as the only in the town.
A spokeperson for HSBC confirmed the closure to VB today, “Branches are an important part of our network and we are spending around £100m each year on upgrading and improving them. We are currently upgrading our Shanklin office and our office in Ryde will be upgraded over the coming months.
Dramatic drop in footfall
“However, we do need to ensure that our branches are in the right locations for our customers and on occasions this means that we need to close a branch where customer footfall has fallen dramatically or there has been a shift in customer shopping patterns.
“Our branch at Sandown is a case in point. Customer usage of the branch has fallen very significantly over the past few years – as customers increasingly use the nearby Shanklin and Ryde branches.
Staff will transfer to other branches
“In addition customers are now increasingly using the 24 hour convenience of internet or telephone banking or are using the ATM network to withdraw cash. Our network has to be ‘fit for purpose’ and we have to ensure that our branches are located in areas where they are used.
“This wasn’t an easy decision to make, but we are now working with the very small number of customers who use the branch to see if we can help them reorganise their finances ahead of the planned closure in January. The two members of staff who man the branch will transfer to other local branches.”
The branches closes on 27 January. Newport, Cowes, Shanklin, Ventnor and Ryde are all unaffected.
Thanks to VB reader Malcolm Butcher for letting us know and to Claire Speight for the photos.
