Neil Brocklehurst was confirmed as the new Post Office CEO today, having been acting chief executive since September.
His first major announcement in the new role is the extension of essential cash services in Post Office branches through to 2030.
The agreement with 30 banks and building societies, including most major British banking groups, means that businesses and the general public can keep depositing and withdrawing cash at their local Post Office branch.
Before joining the Post Office, Brocklehurst was an executive at lottery operator Camelot Group. He took on active chief executive duties at the Post Office from Nick Read, who stepped down from his day-to-day role last September after handling much of the fallout from the Horizon IT scandal.
“This new, five-year agreement with banks and building societies ensures our branches remain vital hubs for cash access and provides certainty for businesses and individuals nationwide when it comes to their everyday banking,” Brocklehurst said in a statement. “This agreement also means that we will be able to increase the income postmasters receive for delivering banking services, a key pillar of our transformation plans.”
“Neil Brocklehurst has provided stability and strong leadership to the Post Office over the last year and I’m looking forward to working with him to deliver for Post Office customers up and down the country,” said Post Office minister Gareth Thomas. The Department for Business and Trade was responsible for making the appointment.
The Post Office confirmed earlier this month that it would offload the remaining 108 branches it operates directly. Retailers, including Ryman, which already has some Post Offices within its stores, and Tesco were said to be interested in taking on some of these branches.
Longtime Post Office retail partner WHSmith will soon be transforming into TGJones under the stewardship of new owners Modella Capital. The private equity firm confirmed that the 200+ branches would remain in stores as the brand is renamed TG Jones.
Cash has steadily been declining as a payment form in the UK, but 1.5 million people still used cash daily in 2023, according to UK Finance. Cash payments declined by about 7% that year compared with 2022.
Post Office data shows the volume of business and personal deposits in branches has increased each year since 2020. It also cited a survey of 2,001 UK consumers that showed nine out of 10 believed it was important to maintain access to cash in the UK.
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