Plans are being progressed for a new-style banking facility in Axminster, following the recent closure of the Lloyds bank branch.

A spokesman for the Access to Cash Action Group has told Axminster Town Council that its is currently negotiating with the landlord of an as yet unidentified property, which will become the home of a Shared Banking Hub. The plan is to have this ready by August 2023.

It was announced back in September that Axminster was being considered for one of these new-style banking hubs, following news that the town's last traditional bank branch would close.

At shared banking hubs, run by the Post Office, customers of any bank can access their accounts, deposit cash and cheques, and withdraw money at any time. Other enquiries are dealt with by representatives from each of the major banks who each visit once a week. There are also private spaces where customers can speak to someone, with trained specialists from different banks available on different days.

Running costs of shared banking hubs are the same as a small branch, but are shared between different banking groups that use it making them more financially viable.

Axminster Chamber of Commerce has been working closely with Axminster Town Council in challenging the decision to close the Lloyds branch at a time when legislation was in prospect to make it illegal to do so.

They say the initial announcement that Axminster was to be included as one of 27 locations for a Shared Banking Hub was welcome news, but no further details have been available since.

No details have yet been provided on the ways in which the new hub will integrate with the existing Post Office in West Street.

In the meantime, Lloyds has finally closed its doors, leaving no cash machine in the town centre. It has been a significant blow for elderly and vulnerable people in particular, but also for businesses handling cash.