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Virgin Money to close Grantham branch

Virgin Money has announced plans to close 31 stores, including its Grantham branch.

Bosses say the move comes as more customers switched to online banking during the pandemic, with the loss of around 112 jobs expected.

It is anticipated that the Grantham branch, based in High Street, will close by early 2022 with the other 30 affected stores.

Virgin Money’s fancy branches failed to woo customers (Matt Alexander/PA) (51764545)
Virgin Money’s fancy branches failed to woo customers (Matt Alexander/PA) (51764545)

Virgin Money bosses 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.

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

The customer stores will shut their doors for the final time in early 2022 and bosses said they hope to find alternative roles for affected staff. A total of 131 branches will remain.

But the company admitted not all workers will be able to stay, with around 112 full-time equivalent roles expected to go.

Fergus Murphy, group customer experience director at Virgin Money, said: “As our customers change the way they want to bank with us and conduct fewer transactions in-store, we must continue to evolve the role of our stores into places where we showcase our products and bring our digital services to life.”

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