Virgin Money to close 31 UK branches, including two in Newcastle

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The 31 stores on the list will close in early 2022

Virgin Money has announced the closure of 31 branches, including the branch on Northumberland Street in Newcastle and the employee only branch in Gosforth.

The decision to close a store is based on a number of factors, including location, usage, proximity to alternative stores and lease arrangements. 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.

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The company has said they will make efforts to find roles for employees in these branches elsewhere, but confirmed that there will be a risk of redundancies.

Customers can use Post Offices for day‐to-day banking, including cash deposits and withdrawals, cheque deposits and balance enquiries, as well as coin exchange.

A spokesperson for Virgin Money said: “28 of the 30 customer stores closing are located less than a third of a mile away from the nearest Post Office.

“Of the other two stores, one is 0.7 miles away from a Post Office and the other is 2.7 miles from the nearest alternative Virgin Money store.

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“The customer stores will close in early 2022. It is Virgin Money’s intention to find alternative roles for colleagues wherever possible, either within other stores locally or elsewhere in the Group.

“However, some colleagues will be at risk of redundancy. It is expected that the changes will result in a reduction of around 112 full time equivalent roles across the Group.”

Fergus Murphy, Group Customer Experience Director at Virgin Money said: “As our customers change the way they want to bank with us and conduct fewer transactions in-store, we must continue to evolve the role of our stores into places where we showcase our products and bring our digital services to life.”

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