Virgin Money confirms closure of South Shields branch as part of restructuring process

Another high street name is to shut up shop in South Shields as Virgin Money confirms the closure of its branch at The Nook.

The company announced the bank, in Prince Edward Road would close on Monday, August 24, as part of its restructuring process.

Its branch in Fowler Street will remain open, but it will mean there will no longer be a bank at the Nook.

Prince Edward Road is one of three in the North East, with branches in Low Fell and Gateshead also to close during 2020 as a result of a fall in customer numbers.

Virgin Money will close its store on Prince Edward Road later this year. It comes after Barclays closed its branch next door in May 2019.

Seven branches in Newcastle, Sunderland, Hartlepool, Middlesborough, Stockton and Darlington will merge with other Yorkshire Bank or Virgin Money stores within half a mile.

It comes as part of the planned integration announced during the acquisition of Virgin Money by Clydesdale and Yorkshire Bank.

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The newly-named Virgin Money UK PLC will bring together the operations of Clydesdale and Yorkshire Bank with Virgin Money and move towards using the single Virgin Money brand across the business by 2021.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “The decision to close branches is never taken lightly. The changes announced today are focused on consolidating branches where there is another Clydesdale Bank / Yorkshire Bank / Virgin Money location within half a mile as well as closing a number of branches to reflect changes to customer demand.

“As our customers change the way they want to bank with us, we are evolving the role of our stores - investing in all of the ways that customers are choosing to bank with us, including a reimagined Virgin Money presence on the high street. Following the unveiling of three new Virgin Money stores in December last year, the full rebrand of our national network of 166 stores begins in April and will be completed by September this year.”

Virgin Money UK said it will work with impacted customers and communities to support a smooth transition.