The opening of a banking hub in Sidmouth is a step closer, according to Conservative MP for East Devon Simon Jupp.

It comes after Lloyds announced its would shut its Sidmouth branch, the last bank in the town, in September this year.

Location scouting for the hub began shortly afterwards, and discussions about a preferred site are now "at an advanced stage" with commercial terms agreed, Mr Jupp said.

Lloyds has also reportedly agreed to keep its Sidmouth branch open for up to six months beyond the closing date if the hub is not yet operational.

Simon Jupp MP said: "The organisation charged with getting the banking hub up and running tell me that discussions about a preferred site are at an advanced stage and commercial terms have been agreed.

"Sidmouth's banking hub should be open 9am to 5pm, Monday to Friday.

"The hub allows you to access personal and business banking services, such as withdrawing and depositing cash, or paying in cheques, over the counter. The advice room will be staffed by high street banks to help with more complicated transactions such as mortgages, loans, and pensions.

"I hope to update again soon about which site gets chosen and the likely opening date."

When announcing its Sidmouth branch closure, Lloyds said 59 per cent fewer people were making transactions in its Sidmouth branch in 2022 compared with 2017.

In a survey with almost 250 respondents conducted by Mr Jupp, 81 per cent said they had visited a bank branch in the past six months and 96 per cent said they wanted staff from their own bank to be in the banking hub.