Manchester businesses switch to challengers as bank branches close


Cashplus is providing alternative banking services for 1,520 businesses in Greater Manchester. 425 bank branches in the North West have closed over the last three years, according to Which? of which Manchester has seen the sixth highest rate of closures, with 37 closing since 2015.

Bank closures have had an impact on the running of small and medium sized businesses. SMEs make up 99.9% of businesses across the UK, 96% of which have less than 10 employees.

Manchester is one of the fastest growing cities in the UK, with job opportunities expected to exceed those of Tokyo, Paris and Berlin by 2020, and is home to a growing number of ambitious small businesses. Cashplus, which has over 1.5 million customers and has been operating for over 13 years, ensures simple, fast and effective banking services for these businesses which the high street banks may have shunned.

The business allows customers to use their banking services through Post Office branches, in addition to its mobile offering, and is partnered with some of the region’s most active accountancy firms to ensure an easy and integrated service.

Cashplus calls for more business leaders in Greater Manchester to look elsewhere than bricks and mortar banks which often overlook SMEs or cause delays to business practices due to slow authorisation and account opening times.

Rich Wagner, CEO of Cashplus, said, “High street, traditional banks weren’t set up with start-ups and entrepreneurs in mind. Small businesses often face long, time-intensive application processes which can be disheartening and stressful for business leaders who are just trying to get on with running their business.

“Manchester is home to so many determined people and businesses that will thrive if they have access to the right banking services which make their life easier not harder. We want to help Manchester continue to put its stamp on the British economy.”