Virgin Money, Yorkshire Bank and Clydesdale Bank are closing 52 branches - here’s the full list

Monday, 2nd March 2020, 1:04 pm
Updated Monday, 2nd March 2020, 1:19 pm
The closures come as part of the company's restructuring plans (Photo: Shutterstock)
The closures come as part of the company's restructuring plans (Photo: Shutterstock)

Virgin Money, Yorkshire Bank and Clydesdale Bank are to close 52 branches over the course of this year.

A total of 22 Virgin Money branches will be closed under the company’s restructuring plans, with a further 30 to be merged over the next 12 months.

500 jobs to be axed

Virgin Money has announced plans to close a number of its branches in 2020, alongside a consolidation of 30, following a merger with Clydesdale and Yorkshire Bank in 2018.

The bank is to close 12 Yorkshire Bank branches, six Clydesdale Banks and four Virgin Money locations as part of its restructure. The closures will see around 500 full-time equivalent roles cut across the business, including 215 in-branch positions.

The banking group said the closures reflect the way that customers are using services now, with more now opting for online banking in favour of using traditional bank branch services.

Virgin Money has said that it would find alternative roles for staff whose jobs are at risk, either within other stores locally, or elsewhere in the group, wherever possible.

Clydesdale and Yorkshire Bank (CYBG) paid £1.7 billion for Virgin Money in 2018 in an effort to get a foothold so it could challenge competitors, with the company now rebranded as Virgin Money. At the time of the merger, the banking group warned that around 16 per cent of the combined workforce could be cut, amounting to 1,500 jobs losses across the group. The 500 roles that are now to be cut are part of this restructuring plan.

‘Fit for the future’

Virgin Money said the branch closures would enable the bank to ensure it has a network that is “fit for the future”, and is reflective of how customers want to use its services.

The number of customers who want to use branches for day-to-day banking services has been falling for several years across all banks, according to Virgin. The banks said approximately 280,000 cheques were deposited by the bank’s mobile app last year, rather than in branches.

In a statement, Lucy Dimes, group business transformation officer, 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.”

The closure of branches will begin in late May this year.

Which branches will close?

This is the full list of banks due to close this year:

Clydesdale Bank

Crieff – West High Street

Dingwall – Park House

Dumbarton – High Street

Dyce – Victoria Street

Edinburgh – Bankhead Avenue, Sighthill

Wishaw – Stewarton Street

Yorkshire Bank

Birkenhead – Princes Pavement

Bridlington – Queen Street

Brighouse – Bradford Road

Cannock – Market Place

Gloucester – Northgate Street

Leeds – Harehills Lane

Morley – Queen Street

Pontefract – Ropergate

Sheffield - Lound Side, Chapeltown

Warrington – Buttermarket Street

Wombwell – High Street

Worksop – Bridge Street

Virgin Money

Gateshead – Interchange Centre

Giffnock – Fenwick Road

Low Fell – Durham Road

South Shields - Prince Edward Road

Which branches will consolidate?

This is the full list of banks that will consolidate in the next 12 months:

Clydesdale Bank

Glasgow – Queen Street

Yorkshire Bank

Hull – Prospect Centre

Leicester – Horsefair Street

Peterborough – Church Street

Sheffield – Fargate

Sunderland – Blandford Street

Virgin Money

Aberdeen – Union Street

Birmingham – Temple Street

Bolton – Bradshawgate

Carlisle – Devonshire Street

Coventry – Hertford Street

Darlington – High Row

Derby – Corn Market

Dundee – High Street

Edinburgh – Castle Street

Edinburgh lounge – St Andrew Square

Hartlepool – York Road

Kendal – Stricklandgate

Leeds – Briggate

Manchester – Princess Street

Middlesbrough – Linthorpe Road

Newcastle – Market Street

Norwich – Castle Street

Nottingham – Beastmarket Hill

Oldham – Yorkshire Street

Preston - Fishergate

Stockport – Great Underbank

Stockton – Dovecot Street

Sunderland – The Bridges

York – New Street