The British retail company, Post Office Ltd, has said it will invest £20 million in a bid to support its chain of branches, particularly those located in rural, remote areas of the UK. The company currently oversees the running of 11,800 post offices throughout the UK, with 3,400 of the branches being situated in places where the post office itself is considered the only shop in the community.
Post Office Ltd has said these said community branches of their company were "critical" in regards to traditional banks in minimising the size of its physical retail networks within the UK due to their ability to provide access to bank accounts, in addition to features such as postal products and services.
The newly introduced Community Branch Fund is to be provided, drawn from the £640 million the government originally allocated to Post Office Ltd in November of last year. The company has said every community branch will be able to apply for the fund, with the investment to be allocated on an individual basis.
Post Office Ltd Chief Executive, Paula Vennells, has commented that the Community Branch Fund is part of a "powerful public purpose" of the business. Vennells also said: "The Community Branch Fund demonstrates our commitment to our customers. Where many organisations are withdrawing from communities we are staying put, supporting all our customers wherever they are."