JLL has acted for Cash Action Group on the acquisition and fit-out of Banking Hubs, along with facilities management services, at two sites across the UK.
Two new Banking Hubs will become the latest to open their doors to consumers and businesses in Brixham (Devon) and Cottingham (East Riding of Yorkshire) in December.
Banking Hubs are a shared banking space on the high street. They offer a counter service operated by the Post Office where customers of the major banks and building societies can carry out regular cash transactions, Monday to Friday. The Hubs also offer a Community Banker service where customers can talk to their own banking provider about more complicated banking issues. The Community Bankers work on rotation, with a different banking provider available on each day of the week.
Banking Hubs were trialled during the Community Access to Cash pilots in 2021 – an industry-led initiative to protect access to cash. The success of two pilot hubs in Cambuslang (Lanarkshire) and Rochford (Essex) led to nine banks and building societies joining forces to agree a wider UK rollout. Under a landmark agreement reached in 2021, LINK, the UK’s ATM and cash access network, assesses every community following a branch closure to decide whether it needs additional cash services. Since the summer of 2022, communities have also been able to apply to LINK to have their cash needs assessed.
Brixham and Cottingham are the latest Banking Hubs to launch, with another 25 to follow. The pilot Hubs are seeing rising footfall and an increase in transactions by 28% year-on-year to September.
Gareth Oakley, CEO of the organisation responsible for delivering the Hubs: “Having access to cash services is vital for millions of people around the UK, particularly in challenging financial times. Seeing the impact of the existing Hubs is a reminder of how important these services are – from cash transactions at the counter to the knowledge and support of the community bankers. As our doors open, we are looking forward to becoming part of the community and supporting local people and businesses in Brixham and Cottingham.”
Nick Read, Post Office Chief Executive: “I am delighted that two more Banking Hubs are opening just ahead of the busy Christmas period and want to thank the Postmasters who will be ensuring local businesses, restaurants and pubs in particular have somewhere convenient to deposit their cash takings. Operating these Banking Hubs, with more to come next year, is an expansion of our role in safeguarding a secure and sustainable future for cash, as well as our partnership with others in the sector.”
John Howells, CEO, LINK: “Every community should have free access to cash and face-to-face services. Brixham and Cottingham are good examples to why we need Banking Hubs so we can support local high streets and make it easier for customers to complete their everyday banking needs without having to travel.”
The Brixham Hub formally opens on 2 December 2022 at 62 Fore Street, TQ5 8EG and will be opened by Anthony Mangnall MP. The Cottingham Hub formally opens on 9 December 2022 at 121 Hallgate, HU16 4DA. Both Hubs will be open 9am to 5pm, Monday to Friday.
The Cash Action Group is working with JLL on the acquisition and fit-out of Banking Hubs along with facilities management services at the sites. JLL will be working with the Cash Action Group to deliver further sites as part of the ongoing Banking Hub programme and will undertake estate management across the portfolio.
