Virgin Money to close a third of banks across the UK putting more than 250 jobs at risk - is your local affected?

20 July 2023, 19:50

Virgin Money has announced plans to close 39 banks across the UK as more Brits move to online banking, the firm has said.

The firm said the number of banks being closed totals around a third its branches in the UK, leaving just over 90 in the UK and putting 255 workers risk redundancy.

Chief operating officer Sarah Wilkinson said it would “pursue all options” to prevent as many redundancies as possible by offering alternative roles to those at risk.

She added: "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."

Full list of branches affected below

It comes as another hit to High Street banks, as other huge banks, such as Lloyds and Halifax have already shut a number of branches this year.

Unite union said “access to a bank and cash is a fundamental need” for Brits. While others have expressed concerns for elderly and more vulnerable people who rely on High Street banks.

Virgin money said its decision was put down to more customers using online banking.

"Each store was assessed on an individual basis, with careful consideration of the impact on the local area, as well as the needs of vulnerable customers and the accessibility of alternative services such as free-to-use ATMs and Post Offices," the company said.

"Each store closing is less than half a mile from the nearest Post Office, which customers can use to carry out day‐to-day transactions, including cash deposits and withdrawals, cheque deposits and balance enquiries, as well as coin exchange."

In 2022, the UK saw Barclays close 132 branches, and some 80 banks announced closures for July this year.

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Virgin Money branches closing

Belfast

Croydon

Harrow

Newton Stewart

Bournemouth

Derby

Hexham

Norwich

Brighton

Durham

Irvine

Oxford

Bristol

Ellon

Kendal

Reading

Bromley

Enfield

Kensington

Southampton

Cambridge

Exeter,

Kingston

St Albans

Cardiff,

Fort William

Liverpool

Swindon

Chelmsford

Golders Green

Lochgilphead

Turriff

Cheltenham

Gosforth Centre,

London Haymarket

Wolverhampton

Chester

Guildford

Milton Keynes