Virgin Money has announced it will close almost a third of its bank branches across the UK, including Irvine, Ellon, Fort William, Lochgilphead, Newton Stewart and Turriff in Scotland. The closures are set to put the jobs of 255 employees at risk of redundancy.
The high street banking business, which merged with the Clydesdale Bank and Yorkshire Bank in 2019, said it is closing the 39 local branches due to changing customer demand, which has seen fewer people go into banks in favour of online services. The sites affected have seen the number of customer transactions fall by an average of 43 per cent since the pandemic hit in March 2020.
Virgin Money said it has decided to close these stores based on factors including footfall, transaction volumes and the number of potentially vulnerable customers in the local area. It said each store is closing less than half a mile from the nearest Post Office.
Sarah Wilkinson, chief operating officer at Virgin Money, said: "The decision to close a store is never taken lightly.
"But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand.
"For our colleagues, we will pursue all options to retain as many as possible within alternative roles, and have had great success previously with store colleagues moving to other customer operations roles, as their skills are highly transferable."
The bank said it will write to customers affected and display posters about the move at least 12 weeks before branches are shut. The closures will leave the firm with 91 branches across the UK.
Unite general secretary Sharon Graham said: "This announcement of the closure of 39 vital bank branches has sent shockwaves across the Virgin Money UK workforce.
"While the financial services sector is acquiring eye-watering profits, they must start taking their responsibilities to customers and communities more seriously.
"Access to a bank and cash is a fundamental need for all our local high streets. Simply walking away from the consumers who bring the bank’s astronomical profits is a complete disgrace."
Full list of Virgin Money bank closures
The following branches are marked for closure.
Scotland
- Ellon
- Fort William
- Irvine
Lochgilphead
Newton Stewart
- Turriff
England, Wales and Ireland
- Belfast
- Bournemouth
- Brighton
- Bristol
- Bromley
- Cambridge
- Cardiff
- Chelmsford
- Cheltenham
- Chester
- Croydon
- Derby
- Durham
- Enfield
- Exeter
- Golders Green, London
- Gosforth Centre
- Guildford
- Harrow
- Haymarket London
- Hexham
- Kendal
- Kensington, London
- Kingston
- Liverpool
- Milton Keynes
- Norwich
- Oxford
- Reading
- Southampton
- St Albans
- Swindon
- Wolverhampton
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https://news.google.com/rss/articles/CBMiW2h0dHBzOi8vd3d3LmRhaWx5cmVjb3JkLmNvLnVrL2xpZmVzdHlsZS9tb25leS92aXJnaW4tbW9uZXktc2NvdGxhbmQtYnJhbmNoLWNvc3VyZXMtMzA1MTg1NDDSAV9odHRwczovL3d3dy5kYWlseXJlY29yZC5jby51ay9saWZlc3R5bGUvbW9uZXkvdmlyZ2luLW1vbmV5LXNjb3RsYW5kLWJyYW5jaC1jb3N1cmVzLTMwNTE4NTQwLmFtcA?oc=5
2023-07-21 08:00:53Z
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