Virgin Cash is tidying up extra branches and lowering workplace area – each day enterprise

Further branches will be closed

Virgin Money is closing another 31 stores, including 12 in Scotland, early next year and said it would require less office space for employees.

The bank said 112 full-time positions are likely to be cut, which the union Unite estimates will affect 132 people, while other affected employees will be offered positions elsewhere in the group.

It also said it will have less office space requirements, with infrastructure and office hubs being repurposed to accommodate new ways of working.

It was not clear if this would affect the upcoming move to new headquarters on Bothwell Street, Glasgow.

The group will pay a restructuring fee of £ 45 million in the fourth quarter as the combined branch and office costs change.

The steps announced today are the first phase of accelerating Virgin Money UK’s digital strategy, which aims to drive further productivity gains, further digitization and greater cost efficiency.

The daily transactions in the branches have been on a downward trend across the industry for several years, which was further accelerated by the pandemic.

When deciding to close branches, the needs of vulnerable customers and the availability of alternative services such as free ATMs and post offices were taken into account.

The bank moves its headquarters to Glasgow’s largest office development

One of the closing branches is a shop for colleagues only in the Gosforth office, which will not reopen after its closure at the beginning of the pandemic in early 2020.

28 of the 30 branches to be closed are less than a third of a mile from the nearest post office. The other two are 1.2 km from a post office and the other 4.7 km from the nearest Virgin Money alternative store.

Fergus Murphy, Virgin Money’s Group Customer Experience Director, said, “As our customers change the way they want to do banking with us and do fewer transactions in-store, we need to keep evolving the role of our businesses to places where we present our products. “and bring our digital services to life.”

Customers will be notified in writing and posters will be displayed in each affected store at least 12 weeks prior to closure with details of alternative ways to manage their accounts, including the closest alternative stores, ATMs and post offices.

Virgin Money will work with customers to help facilitate a smooth transition, especially if they are customers at risk. A range of support services will be available prior to store closings, including digital workshops to help customers become familiar with digital banking.

Following these changes, Virgin Money will have a network of 131 stores across the UK.

The union Unite said it would raise concerns about the closings with the Scottish government.

Debbie Hutchings, Unite Industrial Officer, said: “The proposed closure of twelve Virgin Money stores across Scotland is not only shameful but bizarre as the group has just completed the renaming of the former Clydesdale stores.

“The announcement will disproportionately affect workers and communities across Scotland, and this is where the Virgin Group’s ax will fall the hardest. Island communities from Portree to rural towns like Wick are left behind by Virgin Money.

“Our nation’s city centers, from Cumbernauld to Musselburgh, are being further eroded as fewer people come to the city when there is no bank branch. This will directly affect the companies that remain on the main road. “

“Virgin Money Group claims the main reason for the closings was due to their digital banking operations.

“However, what happens to the people in our island and highland communities where internet coverage is notoriously poor, not to mention the difficulties many people experience using mobile app technology?”