‘Another nail in the coffin for banking’ – Lloyds announces impending closure of New Milton branch after decades in the town
NEW Milton councillors have shared their frustration at the impending loss of another local bank branch – one which has been in the town for more than 100 years.
Lloyds Banking Group, which includes Lloyds, Halifax and Bank of Scotland, has announced the closure of 55 more of its branches, including the Lloyds, which is part of the nearly 120-year-old Bank Terrace building on Station Road.
It will shut its doors for good on 13th May 2025, and the A&T understands staff were told the news yesterday (Wednesday).
Falling numbers of customers using the branch, with more choosing online banking or mobile apps, was a reason given.
Town councillor Steve Clarke, one of the Milton ward members, told the A&T: “I’m very disappointed that we’re losing yet another bank.
“They are promising a community banker, but I’m not sure that meets everybody’s needs in the town.
“We’ve got a population who still like to use cheques and pop into a bank, but it seems that banks don’t want to stay on the high street.”
Cllr Clarke also highlighted the closure’s potential impact on part of the New Milton Neighbourhood Plan seeking to protect historic buildings.
This comes amid attempts to attribute listed status to the building, which have so far proved unsuccessful.
“Lloyds bank is an important building to the town,” Cllr Clarke continued.
“We want that area of the town to stay unchanged, so it’s always a worry when a building like that becomes vacant.
“We hope to, in the long term, make the top end of town a conservation area.
“We’ve tried to get the building listed but it doesn’t quite meet the national standard – they are very exact.”
Town mayor Cllr Alvin Reid added: “This is devastating news for the people who use the bank – another valuable facility many older people use.
“It’s another nail in the coffin for banking in the UK. They’re trying to move us to a paperless society, when a lot of older customers don’t want to do that.”
A review report by Lloyds stressed it checked how customers were managing their money and using any branch before closing it.
“Most customers are now using our mobile banking app, internet banking or calling us instead,” it said.
“This means they are using branches, including our New Milton branch much less. Because of this, we'll be closing our New Milton branch.
“Branch colleagues will support you to get started with our mobile banking app and internet banking.
“After the branch closes, our community banker will visit this area. We'll update our website with details of the days and times they will visit, nearer to the branch closure date.”
Tables on the report compared customer transactions between April 2019 and 2024.
These revealed personal customers were down 46%, while there was a 48% drop in business customer transactions.
Comparison for the same dates also showed cashpoint transactions fell 28% for personal customers and 26% for business customers.
Lloyds said the branch’s customers were already banking in other ways, with 42% of personal customers having used other branches in the year up to April 2024.
It said 80% of customers had also used other branches or internet banking or phoned up in a six-month period up to April 2024; and 26% of personal customers had used the branch and the Post Office in the 12 months up to April 2024.
Those aged 55-74 account for the largest amount of personal customers using the branch (38%), while only 1% are 18 or over, 12% are 18-34, 19% are 35-54; and 30% are 75 or over.
The nearest alternative branches are in Christchurch and Lymington, both of which have outside cash machines.
The Christchurch branch, on Castle Street, is open 9am-3.30pm Monday to Friday; and the Lymington branch, on High Street, is open 9am-3pm Monday to Thursday.
The nearest post office is New Milton Post Office at 75-77 Station Road.
With the Lloyds branch’s ATM set to close with it, the nearest free-to-use cash machines are at Morrisons and the Nationwide Building Society, both on Station Road.
The branch’s closure follows the loss of New Milton’s Barclays, which closed its doors in July 2021.
It also comes just months after another major business, KFC, shut its Station Road outlet after franchise holder Caskade Caterers Ltd went into administration.
Milton Heritage Society chairman Nick Saunders told the A&T Bank Terrace, running from the former health food shop to Lloyds, was built around 1905/06.
First occupied by The Wilts and Dorset Bank, it was taken over by Lloyds in 1914.
“This is one of the few buildings in Station Road that is still being used for the same original purpose,” Mr Saunders said.
“The architectural historian Nikolaus Pevsner comments that there is very little of New Milton's Victorian architecture left.
“He goes on to say that the Edwardian turreted buildings on this corner are of some merit.
“In a 2014 dated report on Station Road they were described as being an important part of the gateway to Station Road.”
Mr Saunders explained the building was part of the oldest area of the new town that grew around the railway station, which was built in 1886.
The two small parades of shops south of the railway bridge were the original commercial hub.
Despite many modern upgrades made to the interior of the Lloyds branch, its exterior has retained its original features.
Mr Saunders added: “This is an important building in the history of the creation of New Milton and it is hoped that it will be preserved by the next owners.”
Visit lloydsbank.com/communitybanker for up-to-date details of the times and location of community banker visits.
The full list of closures
Lloyds:
Harehills Lane, Leeds, England, LS9 6AP – 8th January 2025
North Brink, Wisbech, England, PE13 1JT – 22nd January 2025
Osmaston Road Allenton, Derby, England, DE24 9AA – 23rd January 2025
Mill Street, Macclesfield, England, SK11 6NH – 28th January 2025
Shirley High Street, Shirley, Southampton, England, SO15 3TX – 8th January 2025
Finkle Street, Kendal, England, LA9 4AG – 10th February 2025
High Street, Brecon, Wales, LD3 7AR – 11th February 2025
Claremont Road, Surbiton, England, KT6 4QS – 4th March 2025
Market Place, Dewsbury, England, WF13 1DF – 10th March 2025
Bancroft, Hitchin, England, SG5 1JQ – 7th April 2025
Exchange Square, Beccles, England, NR34 9HH – 6th May 2025
Norwich Street, Fakenham, England, NR21 9AH – 6th May 2025
Causeway Lane, Matlock, England, DE4 3AR – 7th May 2025
Monnow Street, Monmouth, Wales, NP25 3XH – 8th May 2025
King Street, Thetford, England, IP24 2AX – 13th May 2025
Station Road, New Milton, England, BH25 6HU – 13th May 2025
Bitterne Road Bitterne, Southampton, England, SO18 1DA – 9th June 2025
Town Street Armley, Leeds, England, LS12 3AE – 8th September 2025
Bank of Scotland:
Main Street, Golspie, Scotland, KW10 6RJ – 4th February 2025
High Street, Montrose, Scotland, DD10 8LT – 10th March 2025
High Street, Langholm, Scotland, DG13 0JH – 7th April 2025
High Street, Leven, Scotland, KY8 4NA – 7th May 2025
Halifax:
Edgware Road, London, England, W2 2DW – 6th January 2025
Church Street, Eccles, England, M30 0DA – 7th January 2025
Royalty Mall Arndale Centre, Morecambe, England, LA4 5DS – 7th January 2025
Duke Street Wellington, Telford, England, TF1 1BJ – 7th January 2025
Prescot Road Old Swan, Liverpool, England, L13 5YS – 8th January 2025
Market Street Longton, Stoke-on-Trent, England, ST3 1BG – 8th January 2025
Green Lanes, Palmers Green, England, N13 5TU – 9th January 2025
Stratford Road, Shirley, England, B90 3AQ – 9th January 2025
High Street, Tonbridge, England, TN9 1SQ – 9th January 2025
Low Street, Sutton-in-Ashfield, England, NG17 1DG – 16th January 2025
High Street, Winchester, England, SO23 9AX – 20th January 2025
Commercial Road, Bulwell, England, NG6 8HA – 21st January 2025
Market Place, Wisbech, England, PE13 1DQ – 22nd January 2025
Monnow Street, Monmouth, Wales, NP25 3EF – 23rd January 2025
High Street, Walton-on-Thames, England, KT12 1EA – 27th January 2025
Bedford Street, North Shields, England, NE29 6DD – 28th January 2025
Station Road, Port Talbot, Wales, SA13 1RD – 29th January 2025
King Street, Thetford, England, IP24 2AP – 4th February 2025
Highgate, Kendal, England, LA9 4DA – 10th February 2025
Church Road, Burgess Hill, England, RH15 9BB – 4th March 2025
Orchard Street, Didcot, England, OX11 7LG – 10th March 2025
High Street, Camberley, England, GU15 3TG – 11th March 2025
High Street, Gosport, England, PO12 1DR – 12th March 2025
Wheelgate, Malton, England, YO17 7HP – 8th April 2025
Market Place, Chippenham, England, SN15 3HU – 15th April 2025
Northbrook Street, Newbury, England, RG14 1DJ – 16th April 2025
High Street, Northallerton, England, DL7 8QT – 28th April 2025
Bailey Street, Oswestry, England, SY11 1PS – 28th April 2025
Orchard Walk Halton Lea, Runcorn, England, WA7 2BS – 29th April 2025
Market Street, Tamworth, England, B79 7LR – 29th April 2025
High Street, Witney, England, OX28 6XP – 30th April 2025
Bitterne Road Bitterne, Southampton, England, SO18 5RS – 9th June 2025
