Virgin Money announces four permanent branch closures in the North East

30/09/21 - Newcastle Virgin Money - PA
One of the two Northumberland Street branches in Newcastle is among the closures. Credit: PA

Virgin Money has announced plans to close 31 stores, which will see the loss of "around 112" full-time jobs.

Bosses say the move comes as more customers switched to online banking during the pandemic.

Four of the branches due to close are in the North East - two in Newcastle, and one in both Northallerton and Whitby. They will close in early 2022.

There are currently two branches on Northumberland Street in Newcastle. They will now be "consolidated into a single store and all staff will move there".

A staff-only store in Gosforth - which has been closed since the start of the pandemic - will also close permanently. Members of staff there are already working in alternative locations.

All 31 sites due to close

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  • Airdrie

  • Grantham

  • Northallerton

  • Ashton-Under-Lyne

  • Keighley

  • Newcastle, Northumberland St

  • Banchory

  • Leeds, Horsforth

  • Nuneaton

  • Beverley

  • Leeds, White Rose

  • Oban

  • Blackburn

  • Lincoln

  • Portree

  • Broughty Ferry

  • Macclesfield

  • Selby

  • Chesterfield

  • Mexborough

  • Sheffield, Meadowhall

  • Cumbernauld

  • Milngavie

  • Stenhousemuir

  • East Kilbride, Princes Square

  • Musselburgh

  • Whitby

  • Galashiels

  • Nelson

  • Wick.

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The company were unable to say how many jobs will be lost in our region specifically.

They said the number of customers using bank branches for day-to-day transactions has been on a downward trajectory across the UK banking industry for a number of years, and this has been further accelerated by the pandemic.

Virgin Money added the decision on each site was based on location, usage, proximity to alternative stores and lease arrangements.

The company said 28 of the 30 customer stores closing (not including Gosforth) are located less than a third of a mile away from the nearest post office and the final two sites had a post office less than a mile away or another Virgin Money store nearby.

A total of 131 branches will remain.

ITV Tyne Tees asked how many jobs will be affected in the North East specifically.