Virgin Money is closing 39 UK bank branches – is YOURS on the list?

Virgin Money has unveiled plans to close 39 branches across Britain, blaming ‘changing customer demand’.

It said 255 staff are at risk of redundancy, adding that it would try to relocate staff where possible.

Branches affected include those located in Chelmsford, Croydon, Durham, London Haymarket and Oxford. Around 30 per cent of all Virgin Money branches are now set to close.

Virgin Money said every affected branch which is closing down is less than half a mile from the nearest Post Office.

Bank customers can access a limited banking service at Post Office branches after a deal struck in 2015 to offset the impact of closing more than 5,000 branches since then.

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.

‘Our focus is on supporting our customers and colleagues. 

‘We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.’

She added: ‘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.’

Virgin Money said for each affected store, written notification will be sent to customers and posters will be displayed at least 12 weeks before they close. Customers will also be informed of alternative ways of accessing their cash locally. 

However, Unite general secretary Sharon Graham said: ‘This announcement of the closure of 39 vital bank branches has sent shock waves across the Virgin Money UK workforce. 

‘Today 260 skilled and experienced staff have learnt that they risk losing their livelihoods at a time of deep economic uncertainty for all workers.

‘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 banks astronomical profits is a complete disgrace.”

‘Unite is working hard across all locations to support its members as they digest the implications of this awful news.’

Unite national officer Caren Evans said: ‘The staff at Virgin Money UK are understandably devastated. The bank will close 39 sites, leaving only 91 Virgin Money branches left.’

According to consumer group Which?, 662 bank and building society branches were shut across the UK in 2022. It claims Barclays shut the most branches last year, coming in at 182 sites. Which? said 309 bank and building society branches have been closed this year, with more on the way.