Business & Technology
Government review as Santander, NatWest and Lloyds close branches
The Government says it is increasingly concerned that elderly customers, vulnerable people and those living in rural areas could be left struggling to access essential banking services as more people move online.
Treasury minister Lucy Rigby has now commissioned an independent review into face-to-face banking access amid fears some towns are being “left behind”.
The move comes as several major banks continue shutting branches across Britain at a rapid pace.
According to TotallyMoney chief executive Alastair Douglas, Santander is set to close 44 branches this year, while NatWest plans to shut 32.
He also warned Lloyds Banking Group – including Lloyds Bank, Halifax and Bank of Scotland – is expected to close at least 168 branches over the next two years.
Douglas said: “Banks have a duty of care to support their customers, and even though digital services are becoming increasingly popular, the real concern is for the elderly and vulnerable – many of who rely on both cash and real-life support.”
The independent review will examine the real-world consequences of branch closures, identify which groups are hardest hit and consider whether ministers should intervene with new laws to protect in-person banking services.
It follows the announcement of the new Financial Services and Markets Bill in the King’s Speech, which could hand ministers fresh powers to step in where communities are losing access to banking.
Rigby said banking services remained “a really important part of lives and communities”.
She added: “We are supporting industry’s roll out of banking hubs, but we also need a clear picture of where communities are still losing out.”
The Government is already backing the expansion of so-called banking hubs – shared spaces where customers from multiple banks can access cash and basic face-to-face services.
More than 230 hubs have already opened nationwide, with over 275 announced as part of plans to reach 350 before the end of Parliament.
According to Cash Access UK, which oversees the hubs, 95 per cent of customer needs are met through the service.
But critics argue hubs are not always enough to replace full-service branches – particularly in isolated areas where residents may already struggle with transport links and digital access.
Richard Lloyd, who will chair the review, said it was essential to understand the impact the “big shift to digital services” was having on communities across the UK.
Meanwhile, Douglas urged customers worried about losing their local branch to check alternatives or consider switching banks altogether.
“If you’re worried about your branch closing, then visit your bank’s website – they’ll have details about the closest available branch, or local banking hubs,” he said.
“Now might also be a good time to think about switching to a different provider.”
Douglas also pointed to cash incentives currently being offered by banks to attract new customers.
“Loyalty doesn’t pay, but six banks are offering up to £250 for you to switch, with added bonuses of cashback, 0% overdrafts, and inflation-beating savings accounts,” he added.
“And moving might be easier than you think – with the Current Account Switch Service automatically shifting your regular payments and balance within seven working days.”
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The Government also confirmed plans to make it easier for credit unions to expand, saying the changes would help more people access affordable loans and safe savings services during a time of continued financial pressure.
Industry groups welcomed the review, with the Building Societies Association warning many consumers still rely heavily on local banking services despite the rise of digital banking.
The review is expected to gather evidence from consumers, banks, businesses and local communities before delivering recommendations next year.
The company behind bikemaker Raleigh, which was founded 139 years ago and has supplied bikes to the UK’s cycling city of Oxford over the years, has filed to appoint administrators.
Accell UK and Ireland, part of Netherlands-based Accell Group, filed a notice of intention to appoint administrators as the wider group kickstarted insolvency proceedings.
This follows a difficult spell for Nottinghamshire-based Raleigh, which confirmed job cuts in 2024 before reporting a £30m loss in financial accounts published the following year.
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The boss of Accell said it was a “deeply sad and frustrating situation” and that it had “tirelessly explored” every option for the future of the cycling business.
The company bought Raleigh in 2012 for around 100 million US dollars (£74 million), adding to its roster of bike brands throughout Europe including Haibike, Winora and Ghost.
Raleigh was founded in Nottingham in 1887 and was well-known for its Chopper model, which featured extended handlebars and is now part of its “retro” range.
It no longer manufactures bikes from Nottingham, and its head office has moved to Eastwood, Nottinghamshire, while the company has shifted to selling electric bikes under Accell’s ownership.
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Accell went through a restructuring in February, securing additional funding from shareholders and lenders and reducing debts.
The group said it had since “explored every possible avenue” for its future, including discussions with potential buyers, but that it had not been possible to find a solution which means the business can continue operating.
It has therefore initiated insolvency proceedings in the Netherlands.
Accell’s chief executive Jonas Nilsson said: “This is a deeply sad and frustrating situation given all the hard work and everything we have achieved, with the support of shareholders and lenders, to restructure Accell’s operations and finances.
“It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners.
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“Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the Group in its current form.
“Our immediate focus is to support an orderly process, provide clarity wherever possible, and work with the relevant court-appointed administrators to preserve viable activities and employment where circumstances allow.”
At its 1970s height, Raleigh employed more than 13,000 people across the UK, with around 8,000 working at its various Triumph Road sites in Nottingham.
The former factory land later became the University of Nottingham’s Jubilee Campus.
Raleigh subsequently moved its headquarters to Church Street in Eastwood, before leaving that site and relocating to Durban House in 2024.
Celebrating both GCSE and A-Level Results Days, the chain will offer the popular dish to students who buy one of its bubble teas.
The free offer is available at all 42 Rosa’s Thai restaurants across England and Wales.
To avail of the free noodles, students need to register on Rosa’s Thai website for a unique code, which they should present at the restaurant together with a copy of their results.
Rosa’s Thai has a new range of bubble tea flavours, including Ube-Taro, Matcha-Coconut, Mango Sticky Rice, and Milo Chocolate Milk, as well as favourites like Home-brewed Thai Tea with Tapioca, and Lychee Mango with mango boba.
Students can sign up for their free Pad Thai at rosasthai.com/result-day-free-pad-thai and find their nearest restaurant at rosasthai.com/locations.
The London Mint Office, which distributes commemorative coins and medals, appointed administrators on July 31 after 20 years in business.
The company’s website now displays a message confirming the appointment of Michael Magnay and Jonny Marston of Alvarez & Marsal Europe LLP as joint administrators.
A spokesman for Alvarez and Marsal said: “On July 31 2026, Michael Magnay and Jonny Marston of Alvarez & Marsal Europe LLP were appointed as Joint Administrators of The London Mint Office Limited in administration (the “Company”).
“Regrettably, the Company’s liquidity challenges have led to a number of immediate redundancies. We are supporting the affected employees through the redundancy process.
What Happens When a Company Goes Into Administration?
“The affairs, business and property of the Company are being managed by the Joint Administrators who act as agents of the Company and without personal liability.”
The announcement confirms that it is no longer possible to purchase coins or medals through the company’s website.
The London Mint Office operates a distribution centre in Tonypandy, Rhondda Cynon Taf, where it employs a significant number of people.
Administration is a formal insolvency process triggered when a business cannot meet its financial obligations.
An insolvency practitioner is appointed to manage the company’s affairs and may attempt to restructure the business or sell off assets to repay creditors.
What happens when a company goes into Liquidation?
Founded in 2006, The London Mint Office describes itself as “one of the UK’s most trusted suppliers of historic, commemorative, and collector coins.”
It is part of Samlerhuset AS, a Norwegian company based near Oslo and one of Europe’s largest distributors of commemorative coins and medals.
Samlerhuset’s website states that it offers “provide a wide range of coins from ancient to modern, originating from virtually every country in the world.”
The London Mint Office has advised anyone with an interest in the company’s assets to contact the administrators at INS_THLMOL@alvarezandmarsal.com.
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