Virgin Money axes 50 jobs as Norfolk site set to close
PUBLISHED: 11:44 24 September 2019 | UPDATED: 16:55 24 September 2019
Virgin Money has announced it is closing its Norwich office next year, making around 50 people redundant.
Discovery House in the Norwich Business Park is expected to close by October 2020.
The site is currently home to both Virgin Money and Virgin Money Giving.
The latter will remain unchanged but will move to another site in the city following the closure of Discovery House.
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Currently around 150 people are employed at Discovery House - though 100 of those work for Virgin Money Giving, which is not at risk.
The remaining employees will either be asked to relocate or be made redundant.
A spokeswoman for Virgin Money said: "These redundancies will be made to avoid duplication of roles. We don't have an exact number but expect that fewer than 50 people will be made redundant."
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The news comes as Virgin Money becomes integrated with CYBG, which bought out the business in 2018.
A spokesman said: "Rationalising the group's property portfolio is a vital part of successfully integrating the businesses and reducing the combined group's overall cost base."
Two other offices in Edinburgh and Leeds are also set to close in the restructuring.
A total of 330 people will be made redundant as a result
David Duffy, chief executive at CYBG, 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.
"Detailed planning is in place to ensure that the Bank is able to safely transfer operations to the major hubs over time, while continuing to provide the same great service for our customers every day.
"We recognise that some exit dates are quite far in the future, however, we want to be open with colleagues and give them clarity on changes as soon as possible. They are our key priority and we will support them through this change with as much choice and flexibility as possible."
Employees at Virgin Money are represented by Unite. The union's national officer, Rob MacGregor, said: "Unite is deeply alarmed that as CYBG and Virgin Money approach formal integration the business has decided to cut 330 roles and close a number of sites.
"Unite workplace representatives will be supporting members over the coming days and weeks across the sites."