Virgin Money has announced plans to close 12 stores in Scotland as it adapts to changing customer demand.
Virgin Money regularly reviews the ways customers use its stores, as well as its online, mobile and telephone channels, so that it can adapt its services to meet changing customer demand.
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.
The decision to close a store is based on a number of factors, including location, usage, proximity to alternative stores and lease arrangements.
Each store was assessed on an individual basis, with careful consideration of the impact on the local area, as well as the needs of vulnerable customers and the accessibility of alternative services such as free-to-use ATMs and the Post Office.
Customers can use Post Offices for day‐to-day banking, including cash deposits and withdrawals, cheque deposits and balance enquiries, as well as coin exchange.
All of the closing stores are located less than a third of a mile away from the nearest Post Office.
In addition to these closures in Scotland, a further 18 stores will be closing across the UK. The stores will close in early 2022.
It is Virgin Money’s intention to find alternative roles for colleagues wherever possible, either within other stores locally or elsewhere in the Group.
However, some colleagues will be at risk of redundancy.
It is expected that the changes will result in a reduction of around 112 full time equivalent roles across the Group.
In addition, a colleague-only store in the Gosforth office will not reopen, following its closure at the start of the pandemic in early 2020.
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.”
Written notification will be sent to customers and posters will be displayed in each affected store at least 12 weeks before they close, providing details on the alternative ways customers can continue to manage their accounts, including nearest alternative stores, ATMs and Post Office counters.
Virgin Money will work with customers to support a smooth transition, particularly where vulnerable customers are concerned.
A range of support services will be available prior to store closures, including digital workshops to help customers become more comfortable with digital banking.
Following these changes, Virgin Money will have a network of 131 stores across the UK.
| Stores closing in Scotland | ||||||
| Store | Address | Close date | New host address | Distance | Distance to nearest ATM | Distance nearest Post Office |
| Airdrie | 23 Bank Street, Airdrie, ML6 6AD | 25/01/2022 | 47 Main Street, Baillieston, G69 6SQ | 5.7 miles | 0.04 miles | 75 ft |
| Banchory | 38 High Street, Banchory, AB31 5SR | 28/01/2022 | 1 Queens Cross, Aberdeen, AB15 4XU | 17 miles | 0.05 miles | 177 ft |
| Broughty Ferry | 89 Gray Street, Broughty Ferry, DD5 2AL | 19/01/2022 | 7-8 High Street, Dundee, DD1 1SS | 3.9 miles | 0.04 miles | 384 ft |
| Cumbernauld | 5 Tay Walk, Cumbernauld, G67 1BU | 06/01/2022 | 1 Bank Street, Falkirk, FK1 1NB | 10 miles | 0.02 miles | 0.2 miles |
| East Kilbride | Unit 2, Princes Square, East Kilbride Shopping Centre, G74 1LJ | 24/01/2022 | 203 Main Street, Rutherglen, G73 2HG | 5.9 miles | 0.07 miles | 0.3 miles |
| Galashiels | 9 High Street, Galashiels, TD1 1RY | 26/01/2022 | 83 George Street, Edinburgh, EH2 3ES | 33 miles | 0.04 miles | 459 ft |
| Milngavie | 27 Douglas Street, Milngavie, G62 6PE | 12/01/2022 | 32 Sylvania Way South, Clydebank, G81 1RP | 5.4 miles | 0.02 miles | 197 ft |
| Musselburgh | 140 High Street, Musselburgh, EH21 7DZ | 20/01/2022 | 83 George Street, Edinburgh, EH2 3ES | 6.4 miles | 0.02 miles | 404 ft |
| Oban | 6 Argyll Square, Oban, PA34 4AZ | 02/02/2022 | Poltalloch Street, Lochgilphead, PA31 8LL | 37 miles | 0.05 miles | 0.2 miles |
| Portree | Somerled Square, Portree, IV51 9EH | 01/02/2022 | 58 High Street, Fort William, PH33 6AH | 108 miles | 0.02 miles | 0.1 miles |
| Stenhousemuir | 31 Hallam Road, Stenhousemuir, FK5 3BF | 27/01/2022 | 1 Bank Street, Falkirk, FK1 1NB | 2.9 miles | 0.25 miles | 0.2 miles |
| Wick | 30 Bridge Street, Wick, KW1 4NG | 17/01/2022 | 15 Academy Street, Inverness, IV1 1JN | 101 miles | 0.02 miles | 0.1 miles |
