Virgin Money UK

Virgin Money UK was launched as Virgin Direct Personal Financial Services in partnership with Norwich Union on 3 March 1995 offering personal equity plans and launched Virgin One, in a partnership with the Royal Bank of Scotland (RBS), in 1997. That year, Australia's AMP bought Norwich Union's 50% stake in Virgin Direct.{{cite news |access-date=15 January 2012 |url=https://www.telegraph.co.uk/finance/4477378/Virgin-and-AMP-clash-over-joint-ventures.html |date=7 January 2001 |title=Virgin and AMP clash over joint ventures |author=Grant Ringshaw |newspaper=The Daily Telegraph }} In 2000, virginmoney.com was launched as a price comparison website.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/our-story.jsp |title=Our Story |publisher=Virgin Money |access-date=3 April 2015}} RBS bought out Virgin's stake in the One Account joint venture in 2001.{{cite news |url=https://www.theguardian.com/business/2008/dec/04/rbs-one-mortgages-first-time-buyers |title=RBS faces backlash over refusal to give One customers full rate cuts |newspaper=The Guardian |access-date=3 April 2015}}

In 2002, Virgin Direct merged with virginmoney.com to form the current company. Virgin Money expanded its operations around the world in the 2000s. The Virgin Group took 100% ownership of Virgin Money in April 2004, buying the remaining 50% stake for £90 million from AMP/HHG.{{cite news |url=http://icbirmingham.icnetwork.co.uk/0150business/0200news/tm_objectid=14573053&method=full&siteid=50002&headline=hhg-back-in-black-at-half-way-name_page.html |title=HHG back in black at half-way |date=26 August 2004 |newspaper=Birmingham Post |access-date=15 January 2012}}

In 2007, Virgin made a bid to acquire the Northern Rock bank; this initial bid failed. In an interview with The Times on 9 March 2009, Branson stated that he still hoped that Virgin Money would expand its operations into the banking sector, saying "We are going to get back into the mortgage business and we will become a bank either by acquisition or by getting our own banking licence. You will see us become a consumer bank within the next couple of years."{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5870942.ece |archive-url=https://web.archive.org/web/20110612115702/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5870942.ece |url-status=dead |archive-date=12 June 2011 |title=Sir Richard Branson says Virgin aims to become bank |newspaper=The Times |date=9 March 2009 |access-date=9 March 2009 | location=London}}

In October 2009, Virgin Money applied to the Financial Services Authority for a full banking licence.{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6418584/Sir-Richard-Branson-to-launch-Virgin-Bank.html |title=Sir Richard Branson to launch 'Virgin Bank' |newspaper=The Daily Telegraph |date=23 October 2009 |access-date=23 October 2009 | location=London | first=Philip | last=Aldrick}} In February 2011 they announced their intention to lease a large office in Edinburgh.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2011/virgin-money-signs-deal-for-28-st-andrews-square-edinburgh.jsp |title=Virgin Money signs deal for 28 St Andrews Square, Edinburgh |publisher=Virgin Money |date=22 February 2011 |access-date=12 December 2011}}

On 8 January 2010, Virgin Money announced the acquisition of Church House Trust for £12.3 million, giving Virgin a small foothold in the UK banking market. Although Church House Trust had no branches, it provided Virgin with a banking licence. As part of the acquisition, Virgin agreed to invest a further £37.3 million of new capital into the business.{{cite news |url=https://www.theguardian.com/business/2010/jan/08/virgin-money-retail-banking-branson |title=Virgin Money moves into retail banking |newspaper=The Guardian |date=8 January 2010 |access-date=15 January 2012 |author=Graeme Wearden }} On 26 January the deal was declared unconditional.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2010/Virgin-Money-offer-for-Church-House-Trust-declared-unconditional.jsp |title=Virgin Money offer for Church House Trust declared unconditional in all respects |publisher=Virgin Money |date=27 January 2010 |access-date=27 January 2010}}

In late January, Sir Brian Pitman became the Chairman of Virgin Money; Pitman had previously been an advisor to Virgin during the attempted buyout of Northern Rock in 2007.{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7004140.ece |archive-url=https://web.archive.org/web/20110611164158/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7004140.ece |url-status=dead |archive-date=11 June 2011 |title=Sir Brian Pitman courted to chair Virgin Money |newspaper=The Times |date=27 January 2010 |access-date=27 January 2010 | location=London | first=Laura | last=Dixon}} In February Pitman stated that the company was interested in acquiring some branches of other banks which lie in good locations; branches belonging to the RBS and Lloyds were reported as possible candidates.{{cite news |url=https://www.reuters.com/article/idUSLDE6102H020100201?type=marketsNews |title=Virgin Money interested in RBS and Lloyds branches |work=Reuters |date=1 February 2010 |access-date=2 February 2010}} Following Pitman's death Sir David Clementi was appointed Chairman. In April 2010, Wilbur Ross invested £100 million in Virgin Money for a 21% stake in the company. Wilbur Ross had previously supported Virgin Money in its previous bid for Northern Rock. James Lockhart, Vice Chairman of WL Ross & Co, joined the Virgin Money board.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2010/strategic-investment-in-virgin-money.jsp |title=WL Ross & Co makes strategic investment in Virgin Money |publisher=Virgin Money |date=5 April 2010 |access-date=6 April 2010}}

{{Main|Northern Rock|Nationalisation of Northern Rock}}

File:Northern Rock, Briggate, Leeds (20th June 2012).JPG in Leeds]]

On 13 October 2007, Sir Richard Branson announced that Virgin Group were putting together a consortium of financiers to propose to plough millions into the troubled Northern Rock bank and in return take an approximate 30% stake in the business, bringing the current financial products offered by Virgin and combining them with Northern Rock's own financial products.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2007/virgin-led-consortium-submits-northern-rock-proposal.jsp |title=Virgin-led Consortium submits proposal to Northern Rock plc |publisher=Virgin Money |date=12 October 2007 |access-date=4 January 2012}} By February 2008, Virgin were the favoured bidders for the bank and announced in its official submission to the government that, if successful, they would have merged Northern Rock and Virgin Money, naming the new company "Virgin Bank".{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2008/virgin-consortium-submits-formal-proposal.jsp |title=Virgin Consortium Submits Formal Proposal |publisher=Virgin Money |date=2 April 2008 |access-date=4 January 2012}} The initial bid was not successful, and Northern Rock was then nationalised.{{cite news |url=http://news.bbc.co.uk/1/hi/business/7249575.stm |title=Northern Rock to be nationalised |date=17 February 2008 |work=BBC News |access-date=3 April 2015}}

During 2011 the government again asked suitors to come forward with proposals for Northern Rock. On 17 November 2011, it was announced that Virgin Money were to buy Northern Rock for £747 million, with other potential payments of up to £280 million over the next few years.{{cite news |url=https://www.bbc.co.uk/news/business-15769886 |title=Northern Rock sale announced by chancellor |work=BBC News |access-date=17 November 2011 |date=17 November 2011}}{{cite web |url=http://www.ukfi.co.uk/releases/20120101%20UKFI%20completion%20announcement.pdf |title=UKFI confirms completion of Northern Rock sale to Virgin Money |publisher=UKFI |date=1 January 2012 |access-date=1 January 2012 |archive-date=11 January 2012 |archive-url=https://web.archive.org/web/20120111092505/http://www.ukfi.co.uk/releases/20120101%20UKFI%20completion%20announcement.pdf |url-status=dead }} By July 2012, a further £73 million was paid as deferred consideration. WL Ross & Co increased its stake in Virgin Money, owning 44% of the combined business by putting £260 million into the deal.{{cite web |url=https://www.bbc.co.uk/news/uk-england-16035145 |title=Billionaire behind Northern Rock buy-out |publisher=BBC Tyne |date=5 December 2011 |access-date=31 December 2011}} Both Abu Dhabi-based Stanhope Investments and Branson's Virgin Group invested £50 million in the Northern Rock deal. In 2014, Virgin Money repaid a further £154.5 million that it had received as part of the refinancing package.{{cite news |url=https://www.telegraph.co.uk/finance/businesslatestnews/10991223/Virgin-Money-repays-Treasury-150m-it-got-in-Northern-Rock-deal.html |title=Virgin Money repays Treasury £150m it got in Northern Rock deal |newspaper=The Telegraph |date=25 July 2014 |access-date=20 August 2014}}

There were to be no further job losses, except for those previously announced. Virgin has also pledged to keep the headquarters of the savings and mortgages business in Newcastle upon Tyne.{{cite web |url=http://www.hm-treasury.gov.uk/press_129_11.htm |title=Chancellor announces sale of Northern Rock plc |publisher=HM Treasury |access-date=17 November 2011 |date=17 November 2011}} On 9 January 2012, Richard Branson visited the Gosforth site and some branches of Northern Rock around Newcastle, including one with temporary Virgin Money branding.{{cite news |url=https://www.bbc.co.uk/news/uk-england-tyne-16467596 |title=Northern Rock visited by Virgin's Sir Richard Branson |work=BBC News |date=9 January 2012 |access-date=9 January 2012}}

On 22 June 2012, Virgin acquired the remainder of the Gosforth site from Northern Rock (Asset Management) plc, the "bad-bank" which had been split from Northern Rock prior to the sale of the bank to Virgin.{{cite web |url=http://www.nram.co.uk/en/company-information/corporate-communications/newsroom/newsroom-2012/27-07-2012.aspx |title=Northern Rock (Asset Management) Interim Results |publisher=Northern Rock (Asset Management) plc |date=27 July 2012 |access-date=14 October 2012}} On 23 July it was announced that Virgin would also be acquiring £465 million worth of mortgage assets from Northern Rock (Asset Management).{{cite web |url=https://www.bloomberg.com/news/2012-07-23/u-k-asset-resolution-sells-mortgages-to-virgin-money-correct-.html |title=U.K. Asset Resolution Sells Mortgages to Virgin Money |publisher=Bloomberg |date=23 July 2012 |access-date=23 July 2012}} On 12 October, Northern Rock plc was renamed Virgin Money plc and the Northern Rock brand was phased out.{{cite web |url=http://www.virgin.com/money/news/virgin-money-acquires-northern-rock |title=Virgin Money acquires Northern Rock |publisher=Virgin Group |access-date=17 November 2011 |date=17 November 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111118161039/http://www.virgin.com/money/news/virgin-money-acquires-northern-rock |archive-date=18 November 2011 |df=dmy-all }}

In January 2013, Virgin agreed to buy £1 billion of assets from MBNA; these are the Virgin Credit Card assets which MBNA has serviced and managed in partnership with Virgin Money since 2002. The credit card book was integrated into Virgin Money's operations in 2014, and was expected to create 150 jobs at the Gosforth offices. The former Vice Chairman of MBNA Corporation, Lance Weaver, became Virgin Money's President of Virgin Money Cards.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2013/virgin-money-announces-launch-of-own-credit-card-business.jsp |title=Virgin Money announces launch of own credit card business after £1bn deal with MBNA to buy assets |date=18 January 2013 |access-date=20 January 2013}} A further £363 million credit card asset portfolio was purchased from MBNA in 2014.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2014/virgin-money-announces-purchase-of-363-million-credit-card-asset-portfolio-from-MBNA.jsp |title=Virgin Money announces purchase of £363 million credit card asset portfolio from MBNA |publisher=Virgin Money plc |date=1 December 2014 |access-date=1 December 2014}}

In October 2014, it was announced that Virgin Money Holdings (UK) plc would float shares on the London Stock Exchange in order to raise approximately £150 million which would go towards expanding and enabling it to continue to hire and maintain its existing base of top staff members.{{cite news |url=https://www.bbc.co.uk/news/business-29454964 |title=Virgin Money announces float plan |work=BBC News |date=2 October 2014 |access-date=2 October 2014}} A successful offer led to a final payment of £50 million to the UK Government with respect to the company's IPO following the purchase of Northern Rock.{{cite news |url=https://www.bbc.co.uk/news/business-30033254 |title=Virgin Money prices shares at 283p |work=BBC News |date=13 November 2014 |access-date=13 November 2014}}

Church House Trust Limited was sold to Ocean Industries S.A. for £13 million on 30 November 2014.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2014/virgin-money-sells-church-house-trust-limited-to-Ocean-Industries-SA.jsp |title=Virgin Money sells Church House Trust Limited to Ocean Industries S.A. |publisher=Virgin Money plc |date=1 December 2014 |access-date=1 December 2014}} WL Ross & Co reduced its stake in the company to 23.3% in April 2015; Stanhope reduced its stake to 1%.{{cite web |url=https://www.bloomberg.com/news/articles/2015-04-15/virgin-money-backers-led-by-wilbur-ross-sell-355-million-shares |title=Virgin Money Backers Led by Wilbur Ross Sell $355 Million Shares |publisher=Bloomberg |date=16 April 2015 |access-date=16 April 2015}} WL Ross & Co sold its remaining stake in November 2016.{{cite news|title=Billionaire Wilbur Ross sells last shares in Virgin Money|url=https://www.ft.com/content/2636302e-acc4-11e6-9cb3-bb8207902122|work=Financial Times|date=17 November 2016}}

As of 2017, the business had 3.34 million customers.{{cite web|url=https://uk.virginmoney.com/virgin/investor-relations/results/virgin-money-group-annual-report-and-accounts-2017.pdf|title=Annual Report and Accounts 2017|publisher=Virgin Money|access-date=29 March 2018|archive-date=30 March 2018|archive-url=https://web.archive.org/web/20180330012407/https://uk.virginmoney.com/virgin/investor-relations/results/virgin-money-group-annual-report-and-accounts-2017.pdf|url-status=dead}}

National Australia Bank acquired Clydesdale Bank in 1987 and Yorkshire Bank in 1995.{{cite web |date=6 March 2015 |title=The sorry history of the near-destruction of investment banking at RBS |url=https://www.businessinsider.com/why-rbs-failed-as-an-investment-bank-2015-3 |access-date=17 April 2017 |publisher=UK Business Insider}} Fred Goodwin, an accountant working for Touche Ross, worked on the acquisition of Clydesdale Bank. In 1995 Goodwin, with little direct banking experience, was appointed deputy CEO of the Clydesdale Bank. Clydesdale Bank and Yorkshire Bank began operating under a single banking licence in the UK in 2005: Yorkshire Bank became a division of Clydesdale Bank but retained its own name for trading purposes.{{cite web |date=5 May 2009 |title=Employer profile: Yorkshire and Clydesdale Banks |url=https://www.employeebenefits.co.uk/issues/may-2009/employer-profile-yorkshire-and-clydesdale-banks/ |access-date=17 April 2017 |publisher=Employee Benefits}}

National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire Bank and Clydesdale Bank, including a possible stock market listing.{{cite web |date=30 October 2014 |title=NAB bank flags Clydesdale and Yorkshire sale in UK exit |url=https://www.bbc.co.uk/news/business-29828199 |access-date=5 November 2014 |publisher=BBC News}} Clydesdale Bank and Yorkshire Bank were demerged and placed in a separate holding company, CYBG plc (Clydesdale and Yorkshire Banking Group{{Cite web |title=Virgin Money PLC |url=https://kb.ros.gov.uk/using-our-services/lender-mergers-and-name-changes/v/virgin-money-plc |access-date=2024-01-30 |website=RoS Knowledge Base |language=en}}), which was listed on the London Stock Exchange and Australian Securities Exchange for conditional share trading on 3 February 2016 and unconditional trading from 8 February 2016.{{cite news |last1=Taverner |first1=Charlie |last2=Fedor |first2=Lauren |date=3 February 2016 |title=Clydesdale Bank share price trades above opening offer as conditional trading starts on IPO after 24-hour delay |url=http://www.cityam.com/233716/clydesdale-bank-share-price-trades-above-opening-offer-as-conditional-trading-starts-on-ipo-after-24-hour-delay- |access-date=7 February 2016 |work=City A.M.}}

On 7 May 2018, it was reported that CYBG plc had made an all-share offer of £1.7bn to acquire Virgin Money UK.{{cite news|last1=Mines|first1=Josh|title=Richard Branson-backed Virgin Money receives takeover bid from Clydesdale and Yorkshire Bank owner CYBG|url=http://www.cityam.com/285402/cybg-makes-takeover-approach-branson-backed-virgin-money|access-date=8 May 2018|work=City AM|date=7 May 2018}} Payment was to be in terms of a share offer where CYBG would give 1.2125 new shares for each Virgin Money share which was a 19% premium to the current share price and would see Virgin Money comprising 38% of the new combined group which would become the UK's sixth-largest bank with 6 million personal and small business customers, and total lending of £70bn.{{cite news|url=https://news.sky.com/story/virgin-money-agrees-17bn-takeover-by-cybg-11408303|website=Sky news|title=Virgin Money agrees £1.7bn takeover by CYBG|author=James Sillars|date=18 June 2018}}

On 18 June, it was announced that the takeover had been agreed. Arrangements were made for CYBG to license the Virgin Money brand for £12 million a year (later rising to £15 million a year) and to move all its retail customers to Virgin Money over the following three years.{{cite news|title=Virgin Money bought by CYBG for £1.7bn|url=https://www.bbc.co.uk/news/business-44517752|work=BBC News|date=18 June 2018}} The acquisition of Virgin Money plc by CYBG was completed on 15 October 2018 and shares in the holding company Virgin Money Holdings (UK) plc were therefore delisted from the London Stock Exchange.

It was reported that the deal may result in 1,500 job losses. The retail banking operation would be fronted by the Virgin Money brand and the Clydesdale and Yorkshire Bank brands would disappear from the High street. Virgin Money CEO chief executive Jayne-Anne Gadhia will be retained as a senior advisor and will receive around £1.8m redundancy, £1m bonus, £5.1m in shares to add to her existing £8.9m shares. The all-share deal buyout gave her a paper profit of around £12.5m.{{cite news|url=https://www.heraldscotland.com/business_hq/16389395.virgin-money-chief-gadhia-to-be-paid-off-as-part-of-cybg-deal/|newspaper=The Herald|title=Virgin Money chief Gadhia to be paid off as part of CYBG deal|date=1 August 2018|author=Margaret Taylor}}

In June 2019, CYBG plc announced its plans to consolidate its businesses under the Virgin Money brand. B and Yorkshire Bank, which existed as trading divisions of Clydesdale Bank plc, began to use the Virgin Money name in late 2019 and Clydesdale Bank used the new name from late 2020 to early 2021.{{Cite web |date=19 June 2019 |title=Launching the new Virgin Money |url=https://www.cybg.com/newsroom/news-and-releases/2019/launching-the-new-virgin-money |website=CYBG}} In preparation for re-branding, the existing Virgin Money plc was merged into the existing Clydesdale Bank plc on 21 October 2019.{{Cite web |title=Clydesdale and Virgin Money are becoming one bank |url=https://uk.virginmoney.com/virginmerging |website=Virgin Money UK}}

The group's name was changed from CYBG plc to Virgin Money UK plc on 31 October 2019.{{Cite web |title=Virgin Money brand relaunch to commence following completion of single banking license for the combined group |url=https://www.cybg.com/newsroom/news-and-releases/2019/virgin-money-brand-to-relaunch |website=CYBG}}{{Cite web |title=CYBG plc re-brands as Virgin Money UK plc |url=https://www.virginmoneyukplc.com/newsroom/news-and-releases/2019/cybg-plc-re-brands-as-virgin-money-uk-plc |publisher=Virgin Money UK plc}}

CEO David Duffy's pay rose by 84% from £1.8m in 2018 to £3.4m in 2019. This was despite an investor revolt in which a third of shareholders opposed the payout, citing the fact that company had suffered its second consecutive annual loss, caused by a £385m charge for mis-sold payment protection insurance. Duffy's increase was largely due to a bonus of £1.3m linked to the 2015 demerger of Virgin Money's predecessor bank, CYBG, from National Australia Bank, as well as incentives from 2016.{{Cite web |date=28 November 2019 |title=Virgin Money almost doubles CEO's pay despite £385m PPI charge |url=https://www.theguardian.com/business/2019/nov/28/virgin-money-makes-194m-loss-as-ppi-hit-looms |access-date=24 January 2020 |website=The Guardian}}

As at 21 November 2023 significant shareholders of the business included Virgin Group (14%), Firetrail Investments Pty Limited (5%), BlackRock (5%), Perpetual Limited (4%), Investors Mutual Limited (4%) and Schroders (3%).{{cite web |title=Virgin Money Annual Report & Accounts 2023 |url=https://www.virginmoneyukplc.com/downloads/pdf/virgin-money-uk-plc-2023-annual-report-and-accounts.pdf |access-date=18 May 2024 |publisher=Virgin Money UK plc}}

Although the Clydesdale brand has been phased out the name continues to appear on the Scottish banknotes issued by the bank.{{cite news |date=21 March 2024 |title=Buying yon bonnie banks |url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-68628838 |access-date=22 March 2024 |work=BBC News}}

On 7 March 2024, Nationwide Building Society, the UK's largest building society, announced that they had made an offer to buy the bank's parent company, Virgin Money UK plc, for £2.9 billion.{{cite news |title=Nationwide strikes deal to buy Virgin Money for £2.9bn |url=https://www.bbc.co.uk/news/business-68499145 |access-date=9 March 2024 |work=BBC News |date=7 March 2024}} Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing. Nationwide intends to remain as a building society and for the "medium-term" the Virgin Money business would remain its own legal entity with its own banking licence. Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term".

Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year.{{cite news |last1=Makortoff |first1=Kalyeena |title=Virgin Money shareholders vote for Nationwide takeover by big majority |url=https://www.theguardian.com/business/article/2024/may/22/virgin-money-shareholders-vote-for-nationwide-takeover-by-big-majority |access-date=24 May 2024 |work=The Guardian |date=22 May 2024}} On 31 May, the Competition and Markets Authority said that they would be investigating the proposed merger regarding the potential lessening of competition within the banking sector in the UK.{{cite news |title=Nationwide-Virgin merger faces competition probe |url=https://www.bbc.co.uk/news/articles/czddy1j0nnko |access-date=2 June 2024 |work=BBC News |date=31 May 2024}} On 19 July, the Competition and Markets Authority approved the transaction.{{Cite news |last=Simpson |first=Jack |date=2024-07-19 |title=Nationwide gets green light for £2.9bn takeover of Virgin Money |url=https://www.theguardian.com/business/article/2024/jul/19/nationwide-takeover-of-virgin-money-cleared-by-uk-watchdog |access-date=2024-07-22 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite web |title=An update on our offer to buy Virgin Money {{!}} Nationwide |url=https://www.nationwide.co.uk/news-and-stories/virgin-money-cma-update/ |access-date=2024-07-22 |website=www.nationwide.co.uk}} The acquisition was completed on 1 October 2024 and shares in Virgin Money UK plc were delisted from the London Stock Exchange and the Australian Securities Exchange.{{Cite web|url=https://www.standard.co.uk/business/business-news/nationwide-completes-takeover-of-virgin-money-in-major-bank-tieup-b1185207.html|title=Nationwide completes takeover of Virgin Money in major bank tie-up|first=Anna|last=Wise|date=1 October 2024|website=The Standard}}{{Cite web|url=https://uk.news.yahoo.com/nationwide-completes-takeover-virgin-money-113312496.html|title=Nationwide completes takeover of Virgin Money in major bank tie-up|date=1 October 2024|website=Yahoo News}}{{Cite web|url=https://www.tipranks.com/news/company-announcements/virgin-money-acquired-by-nationwide-delisted|title=Virgin Money Acquired by Nationwide, Delisted - TipRanks.com|website=TipRanks Financial}}{{Cite web|url=https://otp.tools.investis.com/clients/uk/virgin_money_uk/rns/regulatory-story.aspx?cid=1178&newsid=1870681|title=De-Listing and Cancellation of Trading of Shares|website=otp.tools.investis.com}}

Branson made £724 million from the deal, which includes £310 million for Nationwide's use of the Virgin Money brand for up to six years.{{cite news |url=https://www.theguardian.com/business/2024/nov/27/nationwide-gain-virgin-money-takeover |title=Nationwide's £2.3bn takeover gain prompts criticism of Virgin Money bosses |last=Makortoff |first=Kalyeena |newspaper=The Guardian |date=27 November 2024 |access-date=28 November 2024}}

File:Virgin Money, Briggate, Leeds (6th April 2015).JPG

File:Virgin Money Manchester Lounge.jpg

Virgin Money's logo is focused around the main logo of Virgin Group, which is an underlined word 'Virgin' in a red circle. The most recent version of the logo was adopted in December 2019 and has the word "Virgin" in a red circle forming the letter O in the word "Money". The previous logo was adopted in January 2012 and was introduced to signify the purchase of Northern Rock, which used a magenta logo. Virgin Money's January 2012 television advert showcasing the launch of banking products showcased a number of Virgin companies and was directed by Duncan Jones and worked on by Beattie McGuinness Bungay.{{cite web |url=http://www.bmbagency.com/projects/40-years-of-better-now-in-a-bank |title=Virgin Money Project - Our Clients |publisher=Beattie McGuinness Bungay |access-date=15 January 2012 |archive-date=15 January 2012 |archive-url=https://web.archive.org/web/20120115024116/http://www.bmbagency.com/projects/40-years-of-better-now-in-a-bank |url-status=dead }} Virgin Money's older logo was the word 'Virgin' in a red rounded skew rectangle, similar in shape to a credit card, followed by the word 'Money'. A previous logo had the word 'Virgin' in a large circle and three smaller circles above the word 'Money'. Virgin Direct's logo had been a more simplistic rendering of the company name, in white on top of a red rectangle with a semicircle attached on the left side.{{cite web|url=http://www.campaignlive.co.uk/article/brand-builder-virgin-money/1112191|title=Brand Builder: Virgin Money|publisher=Campaign Live|date=19 January 2012|access-date=29 April 2017}}

Virgin Money's headquarters are the former Northern Rock offices, renamed as Jubilee House, in Gosforth, Newcastle upon Tyne. The site is next to the Regent Centre business park and comprises two black and grey buildings built in the 1990s and some additional sandstone and glass buildings built in the early 2000s.{{cite web|url=https://uk.virginmoney.com/virgin/downloads/directionsforheadoffice.pdf|title=Directions for head office|publisher=Virgin Money|access-date=29 April 2017|archive-date=27 November 2017|archive-url=https://web.archive.org/web/20171127100733/https://uk.virginmoney.com/virgin/downloads/directionsforheadoffice.pdf|url-status=dead}}

Virgin Money also have offices in Eagle Place, Piccadilly, London, at 28 St Andrew Square, Edinburgh, Gorstacks House in Chester and Discovery House in Norwich, which had been Virgin Money's head office prior to becoming a bank.{{cite web |url=https://careers.virginmoney.com/how-we-roll/where-we-are/ |title=Where we are |publisher=Virgin Money |access-date=31 March 2018}}

File:Virgin_Money_Gosforth_2021_Bowls_Club_2.jpg|Registered office and headquarters of Virgin Money UK division in Newcastle upon Tyne

File:Clydesdale_Bank_HQ.jpg|Offices at St Vincent Place, Glasgow

File:Yorkshire_Bank.JPG|Offices on Wade Lane, Leeds

File:Yorkshire_Bank_headquarters,_Leeds_(16th_November_2013).JPG|Offices on Merrion Way, Leeds

File:Virgin Money Newcastle Northumberland Street 1.jpg store, Newcastle upon Tyne. This store was formerly a Northern Rock branch and the branded clock, which retains its Northern Rock lettering, became a well-known symbol of the former bank's collapse.]]

Virgin Money offers a range of savings and investment products, mortgages, credit cards, insurance and pensions. The merger with Northern Rock widened Virgin Money's range from a previous focus on credit cards and insurance products, and the first savings accounts to be offered under the Virgin brand were issued in January 2012.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2012/launch-of-new-virgin-savings-accounts.jsp |title=Launch of new Virgin Savings accounts |publisher=Virgin Money |date=5 January 2012 |access-date=5 January 2012}} These were gradually supplemented by other additional banking products under its own brand name. The bank launched its own range of basic current accounts in July 2014, initially only in Scotland and Northern Ireland. This was expanded to the rest of the UK in 2015.{{cite news |last=Christie |first=Sophie |date=5 February 2015 |title=New Virgin Essential Current Account - is it worth switching to? |url=https://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11390232/New-Virgin-Essential-Current-Account-is-it-worth-switching-to.html |newspaper=The Telegraph |access-date=13 November 2015}}

In November 2011, the bank opened the first of its concept lounges in Norwich, followed by Edinburgh, Manchester, London and Glasgow with plans to open more.{{cite web |url=https://uk.virginmoney.com/magazine/article.jsp?category=virgin&article=32544 |title=Life in a Lounge |date=18 November 2011 |publisher=Virgin Money |access-date=9 March 2014}} Virgin renamed Northern Rock's 75 branches as stores, and the first to receive a temporary Virgin makeover opened on 9 January 2012. Richard Branson has also indicated in interviews that he would like to open branches at railway stations; Virgin Rail Group operated a number of railway stations at the time.{{cite web |url=https://www.bloomberg.com/news/2011-12-08/branson-plans-banks-at-rail-stations-after-northern-rock-bid.html |title=Branson Plans Banks at Rail Stations After Northern Rock Bid |publisher=Bloomberg |date=8 December 2011 |access-date=4 January 2012}} The full rebranding process, which also included the combining of the Northern Rock website into the existing Virgin Money website, was completed by October.{{cite news |title=Virgin Money rebrands Northern Rock branches |url=http://www.credittoday.co.uk/article/14460/online-news/virgin-money-rebrands-northern-rock-branches |newspaper=Credit Today |date=15 October 2012 |access-date=18 December 2012 |archive-date=24 March 2014 |archive-url=https://web.archive.org/web/20140324220433/http://www.credittoday.co.uk/article/14460/online-news/virgin-money-rebrands-northern-rock-branches |url-status=dead }}

Virgin Money launched a fully functional current account in December 2019. The account uses technology previously used by the "B" account offered by Clydesdale Bank. All existing "B" accounts were converted to Virgin Money current accounts as part of this process.{{Cite web|title=Digital Current & Savings Account App {{!}} B|url=https://www.youandb.co.uk/current-account-and-savings/|access-date=2021-05-20|website=www.youandb.co.uk}}

The bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.{{cite web |url=http://uk.virginmoney.com/virgin/legals/ |title=Terms of use for our website |year=2014 |publisher=Virgin Money |access-date=3 March 2014}}

Virgin Money Giving was a not-for-profit fundraising website launched in October 2009. In 2008 Virgin Money signed a deal to be the official sponsor of the London Marathon from 2010.{{Cite web |last=Rutherford |first=Scott |date=2008-05-17 |title=Sir Richard Branson's company to sponsor London Marathon |url=https://www.thetimes.com/travel/destinations/uk-travel/england/london-travel/sir-richard-bransons-company-to-sponsor-london-marathon-2x5pnzndbpl |access-date=2025-04-05 |website=www.thetimes.com |language=en}} This sponsorship led to the creation of Virgin Money Giving, with the aim "to help all fund-raisers raise more money for good causes".{{cite web |title=About us |url=http://uk.virginmoneygiving.com/giving/about-us/index.jsp |url-status=dead |archive-url=https://web.archive.org/web/20211008103416/https://uk.virginmoneygiving.com/giving/about-us/index.jsp |archive-date=8 October 2021 |access-date=2 February 2010 |publisher=Virgin Money Giving}} The website was closed, and the London Marathon sponsorship ended, in 2021.{{Cite web |title=Virgin Money to shut down charity fundraising platform in cost-cutting move |url=https://news.sky.com/story/virgin-money-to-shut-down-charity-fundraising-platform-in-cost-cutting-move-12391254 |access-date=2025-04-05 |website=Sky News |language=en}}

The Virgin Money Foundation is the charitable arm of the bank and was founded in 2015. The bank has initially pledged £4 million to the charity over 4 years, and the UK Government has committed to match that pledge.{{cite news |url=https://www.bbc.co.uk/news/uk-england-33860800 |title=Virgin Money launches £8m charitable foundation |work=BBC News |date=11 August 2015 |access-date=11 August 2015}}

Virgin Money led the sponsorship of the London Marathon from 2010 to 2021. Virgin Money also lent its name to the yacht that Sir Richard Branson used to attempt to break the Transatlantic sailing record.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2008/virgin-money-sets-off-on-sailing-record-attempt.jsp |title=Virgin Money sets off on sailing record attempt |publisher=Virgin Money |date=22 October 2008 |access-date=1 September 2013}} Since 2011 Virgin Money has sponsored events at the Edinburgh Festival Fringe.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2011/virgin-money-announces-sponsorship-edinburgh-fringe-on-high-street.jsp |title=Virgin Money announces sponsorship of the Edinburgh Festival Fringe's 'Fringe on the High Street' |publisher=Virgin Money |date=3 February 2011 |access-date=4 January 2012}}

Virgin Money were the shirt sponsor of Newcastle United F.C. for the 2012-13 season, a club that had a sponsorship deal with Northern Rock since 2003.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2012/virgin-money-to-sponsor-newcastle-united-football-club.jsp |title=Virgin Money to sponsor Newcastle United Football Club |publisher=Virgin Money |date=4 January 2012 |access-date=4 January 2012}} Newcastle United's shirts also displayed the Virgin Money logo for the remainder of the 2011–12 season, fulfilling Northern Rock's deal at the time of being bought by Virgin. To coincide with the launch of Virgin Money's rebranded stores, Richard Branson appeared in Newcastle, wearing a Newcastle United shirt, with a number of Newcastle United's footballers. The deal between Virgin Money and Newcastle United had also covered the 2013-14 season, but the club decided to end the deal a year early.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2012/virgin-money-sponsorship-of-newcastle-united-to-end-early.jsp |title=Virgin Money sponsorship of Newcastle United to end early |publisher=Virgin Money |date=1 October 2012 |access-date=1 October 2012}}

Virgin Money are the former title sponsor of the Cyclone, the UK's biggest cycling festival, which had previously also been sponsored by Northern Rock. The first Virgin Money Cyclone was held in Summer 2012.{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2012/virgin-money-to-sponsor-the-uks-biggest-cycling-festival.jsp |title=Virgin Money to sponsor the UK's biggest cycling festival |publisher=Virgin Money |date=17 February 2012 |access-date=20 February 2012}}

• List of banks in the United Kingdom
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