Virgin Cash to Shut Down 39 Branches Nationwide | Newest Updates in UK Information

Round 250 employees at the moment are prone to redundancy (Image: PA)

Virgin Cash is ready to shut 39 of its branches as prospects transfer to on-line banking.

Round 250 employees are prone to redundancy and the closures quantity to a 3rd (33%) of its financial institution branches.

However the financial institution’s chief working officer Sarah Wilkinson mentioned the banking agency would ‘pursue all choices’ to retain as many workers as potential inside different roles.

The information comes as fewer individuals use precise financial institution branches as Virgin Cash follows the likes of different banks like Lloyds and Halifax.

However for individuals who nonetheless use their native financial institution department, Unite Union mentioned ‘entry to a financial institution and money is a elementary want’.

The financial institution will write to prospects impacted and can show posters asserting the transfer at the least 12 weeks earlier than branches are closed.

The branches impacted have seen a 43% discount within the variety of buyer transactions because the pandemic in March 2020.

Virgin Cash introduced its resolution to shut the branches primarily based on components together with footfall, transaction volumes and the variety of doubtlessly susceptible prospects within the native space.



Virgin Cash branches that may shut

  • Belfast
  • Bournemouth
  • Brighton
  • Bristol
  • Bromley
  • Cambridge
  • Cardiff
  • Chelmsford
  • Cheltenham
  • Chester
  • Croydon
  • Derby
  • Durham
  • Ellon
  • Enfield
  • Exeter
  • Fort William
  • Golders Inexperienced, London
  • Gosforth Centre
  • Guildford
  • Harrow
  • Haymarket, London
  • Hexham
  • Irvine
  • Kendal
  • Kensington, London
  • Kingston
  • Liverpool
  • Lochgilphead
  • Milton Keynes
  • Newton Stewart
  • Norwich
  • Oxford
  • Studying
  • Southampton
  • St Albans
  • Swindon
  • Turriff
  • Wolverhampton

It mentioned every retailer is closing lower than half a mile from the closest Submit Workplace.

Sarah Wilkinson, chief working officer at Virgin Cash, mentioned: ‘The choice to shut a retailer isn’t taken frivolously.

‘However as our prospects proceed to alter the way in which they need to financial institution with us, by conducting fewer transactions in-store and adopting the comfort of digital banking, we should reply to that evolving demand.

‘For our colleagues, we are going to pursue all choices to retain as many as potential inside different roles, and have had nice success beforehand with retailer colleagues transferring to different buyer operations roles, as their expertise are extremely transferable.’

The corporate could have 91 operational branches throughout the UK.

Unite normal secretary Sharon Graham added: ‘This announcement of the closure of 39 important financial institution branches has despatched shockwaves throughout the Virgin Cash UK workforce.

‘Whereas the monetary providers sector is buying eye-watering income, they need to begin taking their tasks to prospects and communities extra severely.

‘Entry to a financial institution and money is a elementary want for all our native excessive streets.

‘Merely strolling away from the customers who deliver the banks astronomical income is a whole shame.’

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