Dozens of Co-operative Bank workers in Kent face an uncertain future as its owner announced a rescue plan involving the closure of about 50 branches.

The decision by the Co-operative Group aims to plug a £1.5billion black hole in the bank’s finances caused by the purchase of the Britannia Building Society and aborted plans to buy hundreds of Lloyds Bank branches.

So far no decision has been made on which branches face the axe or how many jobs will be lost.

There are seven branches in Kent at Ashford, Chatham, Cranbrook, Dartford, Maidstone, Sevenoaks and Tunbridge Wells.

Under the rescue plan, investors who bought bonds in its troubled banking arm - including US hedge funds - will be given 70% of the bank, leaving the funerals-to-supermarkets group with 30%.

It had initially hoped to retain control of the ethical lender by giving bond investors a minority stake in return for a £500 million loss on their debt.

But bondholders - including US hedge funds Aurelius Capital Management and Silver Point Capital - will take control of the bank under the new plan, which will see it listed on the stock market next year.

The Co-op's loss of control of the bank has raised concerns among some customers.

The bank has traditionally attracted organisations such as trade unions and charities because of its ethical approach.

But the Co-op said its values and ethics will be "legally embedded" in the lender's new rules.

Investors must now vote to back the plan and the Co-op warned that the bank will fall into state hands through the resolution process if they do not, leaving investors empty-handed.

The Co-op Group will contribute £462m to the bank's turnaround, including £129m handed to retail investors, £333m in cash and £40m in interest savings.

The Co-op will be the bank's single biggest shareholder and it insisted no other single shareholders will have more than 9.9%.

The group has 324 branches nationally.