Irvine: Virgin Money to close bank store on High Street

The Irvine branch is one of six across Scotland to be closed by Virgin Money. 

The company said its closure plans, announced on Thursday, came "as it adapts to changing customer demand".

The other Scottish branches which will close are all in smaller towns in rural areas - in  Ellon, Fort William, Lochgilpead, Newton Stewart and Turriff.

The bank plans to close a further 32 stores elsewhere in the UK.

The news comes less than two years after the company's last round of store closures, in September 2021.

The bank says it will try to "retain as many as possible within alternative roles" - but has warned there is a risk of redundancy for some staff.

While no official closing date has been set, Virgin Money say that written notification will be sent to customers and posters will be displayed at least 12 weeks before they close.

The company says that the decision to close the six branches was based on a number of factors, including footfall, transaction volumes and the number of potentially vulnerable customers in the area.

They added that each branch's viability 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 Post Offices".

It says that each branch is less than half a mile from the nearest Post Office where its customers can still carry out day-to-day banking transactions.

There are still three other bank branches on High Street - RBS, TSB and Bank of Scotland.

Virgin Money was taken over by CYBG - the holding company which owned the Clydesdale Bank and Yorkshire Bank - in 2018. 

All the company's branches were rebranded as Virgin Money, with the historic Clydesdale Bank name - dating back to that bank's formation in Glasgow in 1838 - phased out by 2021.

The company says it "regularly review the ways customers use their stores, as well as its online, mobile and telephone channels, so that it can adapt its services to meet changing customer demand".

It says that the branches which are closing have seen an average reduction in customer transactions of 43 per cent since March 2020 and 96 per cent of customers in these stores are transacting less than once a month on average.

Sarah Wilkinson, chief operating officer at Virgin Money, commented: “The decision to close a store is never taken lightly.

"But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand. 

“Our focus is on supporting our customers and colleagues.

"We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes. 

“For our colleagues, we will pursue all options to retain as many as possible within alternative roles, and have had great success previously with store colleagues moving to other customer operations roles, as their skills are highly transferable.”

Virgin Money says it will work with customers to support a smooth transition, particularly where vulnerable customers are concerned.

Dedicated customer care colleagues will contact vulnerable customers before each branch closes, while the company has also committed to holding 'digital workshops' to help customers become more familiar with digital banking, and to organising Post Office pop-up sessions to tell Virgin customers about the services available there.

A spokesperson added: "Virgin Money will support affected colleagues with finding alternative roles wherever possible, either within other stores or elsewhere in the Group, particularly with the increased opportunities provided by remote and flexible working options.

"However, some colleagues will be at risk of redundancy."