Virgin Money to close 31 UK stores due to “greater appetite for digital self-service”

Virgin Money has announced plans to close several of its physical stores across the UK in a move to pivot to a more digital-led model.

The bank has said it has identified 31 stores from across its network that will be closed over the coming months.

The move comes as the bank has seen “greater appetite for digital self-service”, and hopes that the closures allow greater flexibility for colleagues as well as a renewed focus on digital services.

In a statement issued this morning, the firm stated: “The group’s digital strategy will further develop a strong, scalable platform for future growth.

“In the near term, cost savings from improved productivity delivered by Virgin Money UK’s digital initiatives will be reinvested into the business to further accelerate the pace of platform development.

“Virgin Money UK will also leverage the capabilities of its key strategic partnerships, such as those announced with Global Payments and Capita, to deliver additional features and differentiated propositions for customers.”