A Bright Future for the New Penny Post Group

Thursday 25 January 2024

Wolverhampton based Penny Post Credit Union is expanding, having completed a Transfer of Engagements from Manchester based Voyager Alliance Credit Union.

With a combined membership of 19,500 members, accumulated savings of £47.6 million and a loan book of approximately £21.4 million, the new Penny Post Group will be amongst the largest credit unions in the UK.

“This is a great opportunity to deliver excellent products and services to our members who we place at the heart of everything that we do” said Matt Goulding, CEO of Penny Post Credit Union. “With our combined skills, knowledge and experience I am looking forward to working together to build a credit union that we will all be proud of.”

Voyager Alliance serves working members through payroll deduction schemes across public transport, the DWP and the retail sector. For 26 years, Penny Post has exclusively served members from the Royal Mail family, but with ambitious growth plans, has been considering options to expand for some time. “Voyager Alliance is looking forward to this new chapter in our history” said Gary Robertson, Chair of Voyager Alliance Credit Union. “This is an exciting period for Voyager Alliance and Penny Post, two merging as one, offering better services and new products to our members.”

Over the past 18 months Penny Post has undertaken a programme of business improvement across its loan process, decision-making, and all areas of customer service. 98% of loan applications are now processed on the day they are received, and the cost of bad debt has reduced by £250,000 in the last 12 months alone, so it can be highly confident that all lending decisions are made in the best interests of members.

Having built very strong foundations to expand on, Penny Post is committed to investment in its team and technology to benefit all members, improve the return paid to savers, expand its range of loan products and interest rates, and improve members’ online experience with market-leading new technology. Voyager Alliance and Retail CU will be trading names of Penny Post Credit Union Ltd.

The Voyager Alliance Team based at the Manchester office will continue to focus on serving Voyager Alliance and Retail CU members, whilst the Team in Wolverhampton will be serving Penny Post members.