Lloyds must listen. Penzance will fight this all the way
A campaign group was formed in Penzance last night to force Lloyds to think again about the planned closure of its town branch. Local MP Andrew George met regional and local managers at the Branch before reporting back to local businesses, customers, and the community at a public meeting in St John’s Hall, Penzance, yesterday evening. Lloyds executives had been invited by Mr George, but they declined.
The meeting also heard from Sue Calvert, owner of Cornwall’s oldest family-run business, Alfred Smith & Son (Penzance) Ltd, which was first established in the town in 1811. The family bank at Lloyds and strongly oppose Lloyds’ plans, explaining it would be seriously detrimental to the commercial vitality of the town.
A campaign team was formed, and protests will be planned. The petition started by Mr George last week has already gathered over a thousand signatures online. He will raise protests in Parliament, with Ministers, and the Financial Conduct Authority.
Mr George said, “Lloyds has unwisely opted to declare war on Penzance. We’ll fight them all the way. A campaign team has been formed to challenge its decision to shut up shop on 21st January next year. There’s been no consultation. They’ve undertaken no impact assessment. They’re unconcerned about the damage this will inflict on our town, the problems faced by the vulnerable, elderly and those not digitally enabled. The nearest branch will be almost 40 miles away in Truro.
“Lloyds has enjoyed the benefit of our custom and £37billion of taxpayers’ money to bail it out when it faced a serious crisis in 2008. They have over 33,000 customers in the constituency. They admit over 1000 are dependent on the Penzance branch. They know that if they go, the other banks will follow like a pack of cards. Leaving west Cornwall with no banking, other than the flimsy sticking plaster of ‘community banking’ visits.
“The brilliant businesspeople of Penzance have maintained and promoted the vitality of our town. But we need a sustainable banking sector as an integral part. Lloyds has 2 further years of lease at the iconic town centre building it has occupied for the past century. Bank execs must be made to think again, and at the very least, to pause, work with our community and negotiate a softer landing. They can, of course, and we would encourage them to negotiate renewal and extension of their lease beyond 2027. But if they won’t, they’ll find they’ll have a fight on their hands.”
Sue Calvert, owner of Cornwall’s oldest family-run business, Alfred Smith & Son (Penzance) Ltd, said “For me, LLOYDS and all the other banks in the town represent the root system of our economy in Penzance. Located in the far south-west is very much like living and working on an island. To direct all their existing customers to Truro, which, on public transport, is almost 2 hours away, is just not feasible. Face-to-face banking is essential to maintain and keep customers safe (Consumer Duty FCA 2023). To direct businesses to TG Jones (the former WH Smith), which houses a Post Office counter at the end of their narrow shop, just won’t be able to cope with the additional ‘banking’ customers. One also wonders with the complexity of ‘Horizon’ whether their system will be able to cope.
LLOYDS are not only abandoning their customers in the PENZANCE BRANCH but actually most of their customers in Cornwall.
We need to do all we can to keep LLOYDS PENZANCE BRANCH open.”