Creating one single coverage polygon feature class from XY point data?

Question

I'm using ArcMap 10.2, and I need to map areas covered by London postcodes (E1 0xx, E1 1xx, E1 2xx, and so on). What I have is the coordinates for every single postcode (310,000 in total) in an Excel sheet, so I can create point feature classes, which I then want to group as explained above.

How can I create a polygon shapefile that will include a group of coordinates within E1 0xx postcode?

For example. I want that polygon shapefile to cover the are of those postcodes specifically. In the end I need to end up with multiple polygon shapefiles that will represent different Postcodes districts (E1 0xx, E1 1xx...).
Tried the Coverage tool, but it's not seem to be doing what I expected it to. Just installed XTools Pro, maybe that could help me.

PolyGeo · Answer

If I understand your question correctly what may work for you, if you have an Advanced level license, is to use the Create Thiessen Polygons tool which:

Creates Thiessen polygons from point features.
  
  Each Thiessen polygon contains only a single point input feature. Any
  location within a Thiessen polygon is closer to its associated point
  than to any other point input feature.

Once you have the polygons run an ArcPy update cursor through them to give each a postcode "stem" value that you can Dissolve on.

Creating one single coverage polygon feature class from XY point data?

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