Lloyds to close Black Horse centres
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The Lloyds Banking Group is to close all of its 58 Black Horse loan offices, with the loss of 455 jobs.
The group will fulfil all its Black Horse Personal Finance business through the existing customer lending centre in Cardiff and it will not operate its Black Horse Personal Finance centres around the UK.
A total of 585 jobs will be lost in wholesale and retail, which is the result of the redeployment and the release of contractors, temporary staff and offshore personnel.
Rob MacGregor, Unite national officer, says: “Unite is deeply disappointed that the Lloyds Banking Group has taken the decision to close all of the Black Horse centres with the loss of jobs. At a time when many families are struggling to control their finances and businesses need access to credit, Unite is opposed to the shutting down of these valued local centres.
“Unite is warning the LBG not to repeat its approach in 2009 where staff faced death by a thousand cuts as weekly announcements of job losses were made. The strategy last year has had a devastating effect on staff and created job insecurity for most colleagues.”
Unite is seeking redeployment opportunities for all those who are impacted by the announcement.
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Readers' comments (12)
Giles | 21 Jan 2010 2:04 pm
More sad news...
Where will 585 people find jobs?
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Annon | 21 Jan 2010 5:18 pm
On top of all the job cuts what about the brokers who have gone out of business because Black Horse have pulled their agencies. We have suffered a loss of an income source because BH only want to deal with a select few.
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Anonymous | 21 Jan 2010 6:13 pm
No big surprises here. Shocking though that they pull agencies, downsize and almost cease lending at a time when the economy looks to have hit its trough and be back on it's way out of the 'downturn'.
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Anonymous | 21 Jan 2010 9:38 pm
As a account manager for Blackhorse finance at a finance centre, i more than anyone am saddened by this news it was a complete shock but inevitable having seen the company go through so many changes i completely understand why this happened as do most of my collegues. Sad news and a lot of hurt and angry people were told they lost they'r jobs today, but life goes on and I for one am sure Lloyds will do all it can to support all affected collegues.
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Anonymous | 22 Jan 2010 7:57 am
I'm pleased Lloyds are closing Black Horse branches. Perhaps this will reduce the number of families taking up their high interest rate loans and massive single premium ASU policies. Moreover, perhaps with lending being handled centrally more care will be taken with affordability calculations and the selling of insurance.
I am sorry to hear of the job losses. It's amazing the banks have had so much help and continue to kick people in the mouth - especially those who have given years of loyal service.
I used to view Lloyds as a premium brand. These days I put them in the same league as poundstretcher.
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Anonymous | 22 Jan 2010 4:56 pm
i have had dealings with blackhorse motor finance before are they pulling out of this market aswell
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Anonymous | 25 Jan 2010 9:33 pm
to the anonymous poster making the poundstretcher comment I am one of the unfortunates leaving the employ of black horse.
Firstly thanks for your empathy/sympathy regarding the job losses and whilst I am not sure about the poundstretcher analogy there is no doubt lloyds have done little to enhance their reputation following the HBOS debacle and the numerous job cuts.
I do not share your enthusiasm for the branch closures for obvious personal reasons and also because those borrowers who used Black Horse when the high street was aloof to their needs will now be forced, unenviably, down the doorstep lender route.
Black Horse discarded the single premium PPI product long before many of its competitors in the marketplace and your comment regarding rates is confusing unless you have had a poor personal experience.
I am the last to defend the organisation which casts me and 371 others aside but accuracy must prevail!
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Anonymous | 2 Feb 2010 6:46 pm
Speaking as a senior Blackhorse Manager the complete closure after closures on 2009 was out of the blue for us too. The closure is not only a very sad time for the employees that will lose their jobs but also our existing customers, people that find it difficult to borrow and businesses we supported. Blackhorse was always at the front when it came to embracing and implementing change and worked always to treat it's customers fairly. A model operated in which information was clear and enabled customer's to make an informed choice. The interest rates were not always the cheapest but they reflected individual risk and were always made clear. With their demise it means traditional Blackhorse customers may be forced to use other less scrupulous and less fair means of borrowing. There is and always will be a market for a Blackhorse lending business and I believe that this decision is somewhat of a knee jerk reaction based on very short term prospects. The ability to borrow money fairly is crucial to a recovering economy, Lloyds Banking Group may have done better to take more account of that. With regard to the anonymous @ 07.57 on 2.1 your comments regarding families shows little sympathy for people in that position and absolutely no knowledge of the Blackhorse business. I only hope you do not find yourself in future in a position where you find it extremely difficult to borrow fairly - feel free to pay doorstep lenders 300%
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Anonymous | 12 Feb 2010 4:59 pm
As someone who was made redundant by Black Horse some months ago, I know exactly what these staff will be going through and how poorly they will be treated by Lloyds during the process. I know it will sound easy for me to say having found another job, but all I can say is take heart - there are good jobs and good employers out there who don't just treat you as a number, and in months to come you could well be thinking you are better off after all
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Anonymous | 26 Feb 2010 8:37 pm
glad to see the back of them no more churning or switching to increase peoples loans so that their advisors can make a killing on the PPI's.Hope the staff don't have PPI cover because like the 159,000 odd people mis-sold PPI by blackhorse it won't pay out.
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