BANKING giant HSBC has opted to retain and invest in its Newton Abbot branch despite announcing more than 100 closures elsewhere across the UK.

The latest 114 losses follow 151 others confirmed in the past year, reducing the overall number in Britain’s high streets from 592 in 2020 to just 327.

A decade ago, HSBC, which claims to be among the country’s top four clearing banks, boasted more than 1,000 UK branches.

It has blamed the most recent cuts on falling customer numbers following the pandemic with some HSBC locations now reported to be serving fewer than 100 customers a week.

In Newton Abbot however, HSBC has sought planning permission to spruce up its Courtenay Street branch, including repairs to the walls and windows plus new signage. Inside, the traditional counters have been replaced with a ‘digital service’, thereby reducing costs and offering the branch a greater chance of remaining profitable.

Among the West country communities set to lose HSBC banks are Shaftesbury, Bideford, Bridport, Liskeard, Frome, Honiton, Wells, Cirencester, Dorchester and two sites in Bristol.

As Newton Abbot town development manager, I said the closures demonstrated how tough life can be on the high street. When global concerns like HSBC are having to reduce their UK town centre presence to such an extent, it’s clear that we need to redouble our efforts and keep as much trade as local as possible.

I’m so pleased that Newton Abbot has retained such a strong banking sector, that demonstrates how vibrant our town remains when compared with so many others. I’d go so far as to say that HSBC’s decision not just to stay in Courtenay Street but actually invest hard cash in the bricks and mortar is a vote of confidence in Newton Abbot.

Whilst we have recently seen one or two business closures, we have also seen some new ones open. Our shop vacancy rate still remains below the national average, and we’ve seen just how many people have been enjoying the town centre as Christmas approaches, Newton Abbot Town Council has a great year-round event program, including the three late night shopping events and Saturday entertainment to look forward in December.

If the shoppers keep coming, I see a healthy future for us all.