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Ellen Forster

Virgin Money to go ahead with IPO

Newcastle-based Virgin Money has confirmed it will list the company on the London Stock Exchange.

Richard Branson originally announced plans to float the shares in October, but delayed the listing last month due to volatile market conditions.

The firm now expects to have completed the share sale by the end of November and hopes to raise £150 million from the initial public offering.

Once the listing is complete, the bank will pay £50 million to the Treasury to settle what it still owes after buying Northern Rock plc in late 2011.

Chief executive Jayne-Anne Gadhia said: “Our business performance remains strong and on Friday we published our Q3 trading update which demonstrates our continued growth momentum.

“We welcome the clarity provided by the Financial Policy Committee on the leverage ratio, and are pleased to note that we operate in excess of the recommended requirements.

“Given this and given more stable market conditions, we now plan to move forward with our IPO with the aim of being admitted by the end of November. Access to the public capital markets has been a long-term strategic objective for Virgin Money and we are now ready to take this important step forward for our business.”

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