In a significant victory for local campaigners, the south London town of Mitcham has been granted a new shared banking hub, scheduled to open in February 2026. This decision comes just as the community prepares to lose its last remaining bank branch, Lloyds on Majestic Way, which is set to close in January 2026.
Community Pressure Overturns Initial Rejection
The banking hub was not initially on the cards for Mitcham. The cash machine network LINK, which assesses the need for such services, had originally deemed the town ineligible. This was despite Mitcham having a population of around 48,000 people and being home to 115 high-street shops.
LINK's assessment suggested residents could reach a full-service branch in Tooting via a 14-minute bus journey. However, a coalition of local figures, led by Labour MP Dame Siobhain McDonagh, challenged this. Residents who tested the route recorded average journey times of closer to 19 minutes.
Campaigners also argued that the alternative cash access point suggested—a local Post Office—was unsuitable for many elderly and disabled residents. This sustained pressure, backed by the council leader, faith groups, the Royal British Legion, and residents' associations, forced a review.
A Vital Lifeline for the High Street
Following the appeal, LINK reversed its decision. John Howells, CEO of LINK, acknowledged the community's strong case. "While our initial assessment took the view that there wasn't a need for a hub... the community made a strong case highlighting specific local issues," he stated.
The new hub will be operated by Cash Access UK. It will function as a shared facility where Post Office staff handle everyday transactions. Crucially, community bankers from major banks will also attend on a rotating schedule to offer face-to-face advice and more complex services.
Dame Siobhain McDonagh welcomed the news, calling the hub a "vital lifeline" for the town centre. Councillor Ross Garrod, Leader of Merton Council, also expressed delight at the outcome, praising the collective effort of residents and the MP.
Next Steps and Future Uncertainty
While the hub has been approved, a specific location in Mitcham is yet to be confirmed. Cash Access UK has now begun the search for a suitable property. The aim is for services to begin in February 2026.
The closure of the Lloyds branch is linked to wider redevelopment plans for Majestic Way. The parade of shops housing the bank was acquired by Clarion Housing in July 2024 and is slated for demolition. There are currently no guarantees the parade will be rebuilt, adding urgency to the need for a permanent banking solution elsewhere in the town.
This case sets a precedent for other communities fighting to retain essential in-person banking services, demonstrating that organised local campaigns can successfully influence national infrastructure decisions.
