FEARS were growing today over the future of the East Lancashire branch network of Bradford and Bingley after the former building society announced a major closure programme.

While the company announced a 25 per cent hike in full year profits, the company said a total of 68 branches would be shut down.

Staff at the East Lancashire branches had not been informed of the closures and one employee admitted: "This is a very worrying development."

Bradford and Bingley has four main branches in Blackburn, Burnley, Colne and Padiham. There are a further six estate agencies, trading under the Entwistle Green banner, at Accrington, Barnoldswick, Blackburn, Clitheroe, Rawtenstall and Whalley.

The closures were announced by Bradford and Bingley chief executive Christopher Rodrigues as the group announced record profits of £231 million for 2000. It is to close 57 estate agency branches and 11 former building society branches.

The group floated on the Stock Exchange in December last year after a bitter dispute over the move to end its mutual status.

Campaigners against the flotation claimed branches would be closed and jobs would be lost if Bradford and Bingley gave up as a building society.

The group, however, denies that the switch to plc status had led to the closure announcement. Corporate affairs manager Mr Chris Holland said staff would be told over the next few days or weeks whether their jobs would be safe.

"The fact we are a plc rather than a mutual is largely irrelevant," he said. "The branches to be closed are not performing to the level required. This measure is needed to get to more profitability.

"This would probably have happened anyway. We have always kept the size and location of our network under review."

Mr Holland said Bradford and Bingley had around 370 estate agencies and 220 former building society branches. The closure programme will leave the group with just over 500 outlets.