Property review

Virgin Money confirms cuts to office space

Virgin Money

Virgin Money will take a restructuring charge on closures

Virgin Money has confirmed a rationalisation of office space but says it remains committed to moving into a new building in Glasgow.

Some offices will close, while use of others will see reduced space from this month.

The changes follow Virgin Money’s announcement on 30 September that it will have lower office space requirements as office hubs are re-purposed to fit new ways of working. 

The group said at the time that the office rationalisation, together with the closure of 31 branches, will see it incur a £45m restructuring charge in Q4.

Under ‘A Life More Virgin’, the majority of staff will be able to work remotely for significant periods of time, travelling to offices primarily for collaboration purposes.

Virgin Money will deliver modern, collaborative hubs for colleagues in its key locations under its new working arrangements.   

The bank said its “long-term strategy” remains to move into the new, purpose-built offices at 177 Bothwell Street, Glasgow, which will be the city’s largest new office building. The bank aims to move in towards the end of 2023.  

177 Bothwell street

Staff must wait two years to move to new Glasgow offices

Use of Guildhall, Queen Street will reduce which, along with offices at St Vincent Place and West George Street, will provide “collaboration space” ahead of the move to Bothwell Street.   

Granite House, which previously accommodated staff dealing with payment protection insurance (PPI) claims, was closed at the start of the pandemic and will not reopen due to the ending of that programme. 

Virgin said it remains committed to its presence in the north east of England. The site at Jubilee House, Gosforth was already larger than required pre-pandemic, and six buildings will now be closed.  

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