AROUND 250 jobs will be lost in Bournemouth if Nationwide's planned takeover of Portman Building Society goes ahead.

Ten Portman and Nationwide branches across Dorset and the New Forest will also close if the merger takes place.

Bournemouth- headquartered Portman currently employs 1,100 staff - that would be cut to 850 under Nationwide, Portman has now revealed.

"It is inevitable that a number of staff at Portman's head office will be made redundant," said a Portman spokesman.

"But every effort will be made to mitigate the impact of these changes, which are expected to be spread over a two- or three-year period, by redeploying the employees affected."

Last September, when the proposed deal was first announced, Portman claimed that the move would be broadly neutral for Bournemouth in terms of jobs.

But even then Portman was admitting that certain roles would be transferred to Swindon and Northampton.

Ten branches would be closed locally in locations where both Portman and Nationwide have a presence.

Branches to be closed would include:

  • Boscombe - Portman, 649 Christchurch Road;
  • Bournemouth - Portman, 111 Old Christchurch Road;
  • Christchurch - Portman, 17a High Street;
  • Dorchester - Nationwide, 2 South Terrace;
  • Ferndown - Nationwide, 117 Victoria Road;
  • Parkstone - Portman, 314 Bournemouth Road;
  • Poole - Portman, 153 High Street;
  • Ringwood - Portman, 40 High Street;
  • Southbourne - Nationwide, 1149 Christchurch Road;
  • Westbourne - Portman, 109a Poole Road.

Customers would be redirected to the nearest remaining Portman or Nationwide branch.

In most cases, that would mean another in the same street.

"Customers may have to go across the road but that is pretty much it," said a Portman spokesman.

No branch counter or sales staff would be axed under the merger but managers could be redeployed.

Six Nationwide agencies in Blandford, Broadstone, New Milton, Swanage, Wimborne and Winton would also be affected.

Business would move to the nearest Portman branch.

No jobs are expected to be lost at the agencies.

They are not employed by either Portman or Nationwide.

Portman's name would disappear from the High Street under the proposed merger, which still needs the approval of Portman members and also City regulator the Financial Services Authority.

Portman is currently mailing out 1.2 million merger booklets in advance of its AGM on April 23, 11am, at Poole's Lighthouse.

Under the planned merger, qualifying Portman members would receive windfalls of up to £1,000.

Each qualifying sole or first named qualifying member (saver) would receive a pre-tax bonus of 5.75 per cent.

It would be based on the total balance of their account(s) on either August 24, 2007 (the last working day before the planned merger date of August 28, 2007) or September 11, 2006 (the date of the planned merger announcement) - whichever is lower.

The average windfall for these savers is expected to be £445 (minimum £200, maximum £1,000).

Each qualifying mortgage borrower would receive a flat rate windfall of £200.