Bank branch to close in York city centre

Virgin Money on New Street, York. Photograph © Google Street View
3 Mar 2020 @ 6.00 pm
| Business

This York branch of Virgin Money is to close.

The New Street branch is one of more than 50 to go under a rationalisation of the business.

Twenty-two branches are closing outright, while another 30 – the York branch included – are being ‘consolidated’.

In this case it means that the Coney Street branch of Yorkshire Bank, which is now part of the same group, will stay open and be rebranded as Virgin Money.

Risk of redundancy

Yorkshire Bank on Coney Street. Photograph © Google Street View

Virgin Money owns Clydesdale Bank as well as Yorkshire Bank. “Changes will be made to the network to remove duplicate locations where Virgin Money stores are located close to Clydesdale Bank or Yorkshire Bank branches,” the company says – typically within half a mile.

The changes also reflect modern behaviour. Developments in technology mean that around 280,000 cheques were paid into accounts in 2019 via the mobile app rather than in branches. 

In a statement the company said: “Virgin Money UK will work with impacted customers, communities and local stakeholders to sensitively support a smooth transition, particularly where vulnerable customers are concerned.

“A range of support services will be available to help customers during the transition.”

The stores will begin to close in late May 2020. It intends to find alternative roles for affected staff “either within other stores locally or elsewhere in the group, wherever possible.

“However, because of these store closures, a number of colleagues will be at risk of redundancy.”