The Cheshire Building Society is to close its Macclesfield headquarters in a massive jobs blow for the town.

Up to 250 jobs will be lost across the region over the next two years in a major shake-up announced by parent company the Nationwide last night.

The company confirmed that Macclesfield’s Castle Street HQ would definitely shut, along with the Poynton branch, which will close by October.

Macclesfield’s MP David Rutley said: "This is devastating news for the employees of Cheshire Building Society and their families, for a treasured local brand and the local economy.

"I will be urgently contacting the Nationwide to understand their rational and what they will be doing to support their employees in the Cheshire at such a difficult time."

The Cheshire, which was taken over by Nationwide just 18 months ago, is also axing its estate agency operation, including at the Macclesfield branch.

Bosses claim the Castle Street HQ closure will reduce duplication of work already carried out at other administrative sites. CEC finance chief, Councillor Frank Keegan, said he was ‘shocked’. "That is bad news.

"They are definitely one of the iconic employers in Macclesfield," he said. This will be really sad news for lots of people in Macclesfield."

Coun Bill Livesley, a member of Macclesfield Guild and Chamber of Trade, said: "It is a shame. They have been well-established in Macclesfield for 80, 90, 100 years." A Nationwide spokesman said the decision followed a strategic review, adding: "Up to 250 jobs at the Cheshire will be affected by these decisions within the next 24 months.

"During that time the Society will work with employees to help them find suitable roles within or outside the Nationwide Group.

"The review has concluded that a number of changes are necessary in order for the regional brands to continue delivering value to customers."