Wolverhampton Credit Union Expansion

The Penny Post Credit Union website

The new Penny Post Group, based in Wolverhampton, will have 19,500 members, accumulated savings of £47.6m and a loan book of around £21.4m.

It will be one of the largest credit unions in the UK.

For 26 years, Penny Post has exclusively served members of the Royal Mail family, but with plans for growth it has been considering options for expansion for some time. Travel Alliance in Manchester has many similarities to Penny Post in that it serves working members through payroll deduction schemes in public transport, the Department for Work and Pensions and the retail sector by retail.

After careful consideration, the Penny Post Board of Directors felt that this was an excellent opportunity for Penny Post and aligned with its strategy to grow membership, loan portfolio and to offer a wider range of products and services to members.

“This is a great opportunity to provide great products and service to our members that we put at the heart of everything we do,” said Matt Goulding, general manager of Penny Post Credit Union.

“I look forward to working with our incredible team at Penny Post to create a credit union that we will all be proud of.”

Over the past 18 months, Penny Post has embarked on a program of business improvement in its lending process, decision-making and all areas of customer service, with 98% of loan applications now being processed the day of their reception.

The cost of bad debt has fallen by £250,000 in the last 12 months alone.

The Voyager Alliance team based in the Manchester office will continue to focus on serving Voyager Alliance and Retail CU members, while the Wolverhampton team will serve Penny Post members.

Penny Post Credit Union is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

The non-profit financial cooperative is owned by its members and is managed for their benefit. It is based at the North West Midlands Mail Center in Wolverhampton, although it has no formal connection with Royal Mail Group itself,

Penny Post was set up in 1996 as a joint project between Royal Mail, the Communication Workers Union, the Communication and Managers’ Association and social services.

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