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Virgin Money to close down 30% of branches

By Alexandra Leonards

Virgin Money has announced that it will be closing around 30 per cent of its branch network from October this year.

In total the company is closing 39 branches in the autumn.

The financial services brand said that customers are increasingly using its digital services, with “far less” visit to its branches.

“We need to balance investment in digital services with making sure our Store network continues to meet the needs of our customers,” said the company in a statement. “This means after lots of thoughts and analysis, we’ve made the difficult decision to close a number of Stores.”

NatWest recently announced plans to shutter a further 36 branches in 2023.

The additional branches marked for closure brings NatWest’s tally to 142 branches set to close in 2023.

HSBC closed 69 branches in 2022 and announced plans to close 114 in 2023.

Barclays also announced the closure of 14 additional branches in addition to 55 already pegged for closure this year.

As the wave of branch closures continues, the establishment of nine shared banking hubs was recently announced.

At the hubs, customers of all major banks in the UK – Barclays, Danske Bank, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander, TSB, and Virgin Money – can carry out regular cash transactions throughout the working week.

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