E J Teare Newsagents in South Street ceased trading ‘with immediate effect’ on Wednesday 12 June.
The newsagent’s regular customers were informed by hand-delivered letter that HSBC plc had “suddenly and without warning” withdrawn the business’s overdraft facilities with one week’s notice. The letter said, “A business such as this relies on its cashflow and we were unable to make practical alternative arrangements to continue trading with such short notice.”
This information was also displayed in the newsagent’s windows together with an expression of gratitude to staff and the delivery team. Owners Trish and Lorraine Little apologised to their customers for being unable to inform them in advance but “had hoped that a solution could be found and that we would be able to remain in business.”
E J Teare’s has been trading for 11 years in South Street. During that time, the owners said that they have experienced “a marked decline in the number of people shopping in the town.”