ILMINSTER Town Council has revealed the town is 'not qualified' to have a new banking hub to replace Lloyd's after it closes.

The town council has been looking at ways to keep the local branch open, or at the minimum, plead with the banks to install a banking hub in town since Lloyd's Bank - the town's last bank - announced its closure date of August 14 2024 earlier in March.

Link, who administer the locations of banking hubs, stated that Ilminster does not qualify for a banking hub due to less then 7,000 people living within a kilometre of the town centre, and less than 70 retail business being situated within the same radius.

Read more: Town’s last bank to close in the summer

Mark Tredwin, Town Clerk, said: "The town council has been looking at ways in which it can try to bring about pressure to keep Lloyds Bank open or at the very least for the banks to locate a banking hub in Ilminster.

"It is carrying on this work and has arranged to meet with Ilminster’s Member of Parliament Mr Marcus Fysh to establish what pressure he might be able to bring to bear.

"Unfortunately, the town council has been notified by Link, who administer the locations of hubs, that the town does not meet the various criteria at this point for a banking hub to be located here.

"One of the criteria is that 7,000 people live within 1Km of the town centre and another that there are at least 70 retail businesses within the same area.

"This will come as a blow to the many people who live and work in Ilminster.

"Please rest assured that the town council is not giving up on trying to get a Banking Hub into Ilminster and will continue to apply pressure in all the ways that it can to see the current decision changed."