Hanley Building Society

Andystriker

Hi all, 

Can't see this posted anywhere else on here.

In the local paper to Stoke on Trent today, its reported Hanley Economic is facing potential organisational changes and jobs could go. No need to panic as savings protected.

Quote:

JOBS could go as one of Stokeon-
Trent’s oldest financial
institutions is facing ‘potential
organisational changes’.
Several positions may be
at risk at Hanley Economic
Building Society, which has been
operating for 172 years.
One source has told The
Sentinel up to 14 workers could
face redundancy.
It follows the announcement
that the society’s Hanley branch,
in Lamb Street, will shut for good
on March 7. The decision was
blamed on a ‘significant decrease
in visits’ over recent years, with
customers opting to visit other
nearby sites or use the society’s
online and postal services.
But the society insists no final
decisions regarding possible job
losses have been made.
A spokesperson said: “Hanley
Economic Building Society
is considering potential
organisational changes, which
may include redundancies. No
decisions have been made about
redundancies or individual roles.
“As a mutual organisation, the
society has a responsibility to
ensure it remains financially
sustainable and able to
continue delivering long-term
value for its members.

happybagger

Well they increased their full time staff from 68 to 78 at a time when employment costs rose with the NI rises, and their management expenses rocketed leaving them just about profitable in 2025. So it seems like they will be aiming to control costs before things escalate.

WillPS

So Hanley won't have a branch in Hanley?

happybagger

In the centre, no. Though Festival Park is considered "Hanley" while really being Etruria. Not in walking distance for most from the city centre.

plumb1_2

Another bs going under the nationwide umbrella?

WillPS

plumb1_2 said:

Another bs going under the nationwide umbrella?

Seems a bit of a leap! Nationwide certainly could afford to acquire The Hanley if they wanted to, but I'm not sure what they'd get from the acquisition other than another very small mortgage book.

It would certainly feel like very small fry after the Virgin Money acquisition! Going back a little further to Nationwide's last building society acquisitions in 2008 - even Derbyshire and Cheshire were both roughly 10x the size Hanley now is, without accounting for inflation.

I think The Hanley's Hanley branch closure is more a statement on the prosperity of Hanley (centre) than anything else. They certainly aren't the only brand vacating the city centre but still maintaining a presence around the 5/6 towns.

They probably are the only one to do so who also have the place's name embedded in to their own tho!

wmb194

plumb1_2 said:

Another bs going under the nationwide umbrella?

The last couple of tiny ones to go pop, Manchester and Holmesdale, went to Newcastle and Skipton respectively.

https://www.bsa.org.uk/information/consumer-factsheets/general-information/mergers-and-conversions