Nationwide Building Society, the UK’s largest building society by assets, is closing down its third party agencies because they are no longer profitable. 

The outlets located in third party premises, such as estate agencies or solicitors’ offices are never used by 95% of its 15m customers, Nationwide said.

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Matthew Wyles, group distribution director said the decision to close the 130 outlets was reached after “very careful consideration” and will take effect at the end of December 2010.   

“During these difficult times, every penny that we spend on unprofitable activity stops us returning value to our members in the form of better rates and products,” he said.

Nationwide said its customers can access products and services through its 700-branch network.

The outlets are managed by non-Nationwide staff and offer a limited, mostly savings-based, counter service. 

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The changes are part of a distribution review announced in May 2010.