Bank base closes

Virgin’s Edinburgh HQ to shut in CYBG restructuring

Virgin Money flag 2

Virgin’s flag flies over the St Andrew Square building (pic: Terry Murden)

Clydesdale Bank owner CYBG is to close the former Edinburgh co-headquarters of Virgin Money as part of a restructuring of the group.

Staff from the office in St Andrew Square are expected to transfer to the group’s office at nearby George Street before the end of the year. The lounge will remain open for customers.

CYBG will also be basing many of its support functions at the new group HQ being built in Glasgow’s Bothwell Street and to the former HQ of Northern Rock at Gosforth on Tyneside, which Virgin acquired from the government.

The scaling back of some offices was expected following the £1.7 billion merger of CYBG and Virgin Money last year. It was announced ahead of the deal that it was likely to lead to 1,500 jobs. These latest closures will result in 330 fewer jobs.

Regional offices will also remain in Chester, Leeds and London. Fundraising platform Virgin Money Giving will continue to be based in Norwich.

Virgin Money’s Discovery House in Norwich and Yorkshire Bank’s Merrion Way base in Leeds will close, with roles transferring to other offices. The job cuts will impact mainly on brand & marketing, retail distribution, chief operating office and risk and mortgages.

Chief executive David Duffy said: “The consolidation of our operating centres supports our goal to create a more streamlined and efficient business – focussing on two key operational centres in Glasgow and Newcastle, supported by teams based in Leeds, Edinburgh, Chester and London.

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