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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Barclays    BARC   GB0031348658

BARCLAYS (BARC)
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11:37aBARCLAYS : MP's anger as Barclays to close four branches
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Barclays : MP's anger as Barclays to close four branches

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05/26/2018 | 11:37am CEST

Barclays is closing four of its branches in Shropshire because of a fall in the number of customers using them.

The branches are in Wem, Newport, Church Stretton and Much Wenlock.

Wem will be left without a bank when it closes on October 12. The town's branch of NatWest closed in 2016.

Customers will now have to use the branches in Whitchurch and Shrewsbury, although they can access banking services at the Post Office in Wem High Street.

The closure of the Much Wenlock branch will also leave the town without a bank - forcing customers to travel to Madeley, Bridgnorth or Telford, use online banking or use the local Post Office's banking service.

South Shropshire MP Philip Dunne, whose constituency covers Church Stretton and Much Wenlock, today pledged to challenge the bank over its decision to close the branches.

Mr Dunne said he would work with local representatives to put forward the case for keeping branches open for businesses and vulnerable customers.

The Church Stretton branch will close from September 7, the Newport branch on September 14 and Much Wenlock will shut its doors for the final time on October 4. The closures mean the nearest branches will be at Barclays Shrewsbury and Ludlow for Church Stretton customers and Madeley and Bridgnorth for those who live and work in Much Wenlock.

Mr Dunne said: "I am appalled by this decision by Barclays. We all recognise that mobile banking has become more prevalent. But South Shropshire is home to many elderly and vulnerable people, for whom online banking is simply not a credible option. Branch services are also important to both those banking for businesses or charities, and I will be stressing this to Barclays in asking them to review their decision."

Ramona Enfield, Barclays community banking director, said: "The way customers undertake their banking is changing. At the Much Wenlock branch, customer usage has continued to decline - 20 per cent in the last 24 months, which is why we have taken the difficult decision to close it. In Church Stretton, customer usage fell by 28 per cent in the last 24 months, in Wem by 10 per cent and in Newport by 16 per cent."

© Copyright © 2018 Shropshire Star, All rights reserved., source Newspapers

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Financials ( GBP)
Sales 2018 21 431 M
EBIT 2018 6 656 M
Net income 2018 1 890 M
Debt 2018 -
Yield 2018 3,18%
P/E ratio 2018 19,56
P/E ratio 2019 9,55
Capi. / Sales 2018 1,65x
Capi. / Sales 2019 1,58x
Capitalization 35 274 M
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