Virgin Money to Close 39 UK Bank Branches: Is Yours on the List?
If you’re a Virgin Money customer, you’ll want to pay attention. The bank has just announced plans to close 39 branches across the UK, citing “changing customer demand” as the reason behind the decision. This move puts 255 staff members at risk of redundancy, although the bank has committed to finding alternative roles for them whenever possible.
Among the affected branches are those situated in Cambridge, Exeter, and Kingston, with additional closures planned in Chelmsford, Croydon, Durham, London Haymarket, and Oxford. This means that around 30% of all Virgin Money branches will shut down.
However, the bank is quick to emphasize that customers will still have access to banking services, thanks to an agreement made in 2015 with the Post Office. Customers can avail themselves of limited banking services at nearby Post Office branches. This initiative was put in place to counter the impact of over 5,000 branch closures since the agreement was established.
Addressing the closure decision, Sarah Wilkinson, the Chief Operating Officer at Virgin Money, stated, “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.”
Wilkinson also highlighted the bank’s commitment to vulnerable customers, stating, “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.”
Here is the full list of the 39 Virgin Money branches set to close by the end of the year:
– Belfast
– Chelmsford
– Enfield
– Hexham
– London Haymarket
– St Albans
– Bournemouth
– Cheltenham
– Exeter
– Irvine
– Milton Keynes
– Swindon
– Brighton
– Chester
– Fort William
– Kendall
– Newton Stewart
– Turrif
– Bristol
– Croydon
– Golders Green
– Kensington, London
– Norwich
– Wolverhampton
– Bromley
– Derby
– Gosforth Centre
– Kingston
– Oxford
– Cambridge
– Durham
– Guildford
– Liverpool
– Reading
– Cardiff
– Ellon
– Harrow
– Lochgilphead
– Southampton
The bank assures its customers that written notifications will be sent out to those affected, along with posters displayed at least 12 weeks prior to closing. Additionally, alternative ways of accessing cash locally will be provided.
Nevertheless, the news of the branch closures hasn’t been met without backlash. Unite, the general secretary Sharon Graham, criticized the decision, stating, “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.”
Graham further emphasized the importance of access to banks and cash for local communities and suggested that financial institutions should prioritize their responsibilities to customers. Unite, as a union, is working to offer support to its members affected by the closures.
This move follows a trend seen in the UK banking sector, with Which? reporting that 662 bank and building society branches closed in 2022. Barclays topped the list with 182 closures, and 309 more closures have already happened this year, with more expected.
In conclusion, it’s important for Virgin Money customers to be aware of the branch closures and the available options for banking services. The bank remains committed to supporting its customers and employees throughout this transition, while the wider implications of branch closures in the British banking sector continue to be a topic of concern.
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