Virgin Money has become the latest lender to report a new wave of branch closings, revealing plans to scrap nearly a third of its network.
Shops in Liverpool, Kendall and Chester will close because the financial business said the number of customers using bank branches for everyday transactions had been on a declining trajectory for a number of years.
Virgin Money has announced store closures in September 2021. Following these latest changes, which will come into effect later this year, it will have a network of 91 stores across the UK.
Stores that close have seen an average decrease in customer transactions of 43% since March 2020 and 96% of customers in these stores transact less than once per month on average.
The decision to close a store depends on a number of factors, including footfall, volume of transactions, and the number of vulnerable customers in the area. Each store was evaluated on an individual basis, with careful consideration of the impact on the local area, as well as the needs of vulnerable customers and access to alternative services such as ATMs and free post offices.
Close to each store is less than half a mile from the nearest post office, which customers can use for everyday transactions, including cash deposits and withdrawals, check deposits and balance inquiries, as well as currency exchange.
The news comes just days after Barclays announced that another 14 banks are set to close over the coming months, with the main bank saying it will close 11 of its locations in England, two more in Wales and one in Scotland.
The majority of closings will happen in October – with the remainder closing in November and December.
Among those affected are banks in Cardiff, Salford, Norwich and Dumfries.
The bank has already announced more than 60 closures this year, following in the footsteps of many other large firms, including NatWest, Lloyds Banking Group and Halifax.
Sarah Wilkinson, Virgin Money COO, said: “The decision to close shop is not being taken lightly. But as our customers continue to change the way they want to do business with us, by making fewer transactions in store and adopting the convenience of digital banking, we must respond to this evolving demand.
“Our focus is on supporting our customers and colleagues. 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 deliver bespoke enhanced care to ensure any affected vulnerable customers are supported through the changes.
“For our colleagues, we will pursue all options to retain as many as possible in alternate roles, and we have had great success previously with store colleagues moving into other customer operations roles, where their skills are highly transferable.”
The company said it will support affected colleagues with finding alternative roles where possible, whether within other stores or elsewhere in the group, particularly as the opportunities offered by remote and flexible working options increase. However, she acknowledged that some fellows would be at risk of recurrence.
The 39 affected sites are as follows:
• Belfast
• Chelmsford
• Enfield
• Hexham
• London Haymarket
• St Albans
• Bournemouth
• Cheltenham
• Exeter
• Irvine
• Milton Keynes
• Swindon
• Brighton
• Chester
• Fort William
• Kendall
• Newton Stewart
• Tarif
• Bristol
• Croydon
Golders Green
• Kensington
• Norwich
• Wolverhampton
• Bromley
• my path
• Gosforth Centre
• Kingston
• Oxford
• Cambridge
• important role
• Guildford
• Liverpool
• reading
• Cardiff
• Which color
• Harrow
• Lockheed