Virgin Money has announced plans to close 39 stores including Belfast

Financial services company Virgin Money has announced plans to close 39 stores nationwide including Belfast.

According to the firm the number of customers using bank branches for day-to-day transactions has been on a downward trajectory for a number of years.

The stores which are closing, including the Belfast city centre store at Wellington Place, have seen an average reduction in customer transactions of 43% since March 2020 and 96% of customers in these stores are transacting less than once a month on average.

According to the firm, the decision to close a store is based on a number of factors, including footfall, transaction volumes and the number of potentially vulnerable customers in the area. Each store was assessed on an individual basis, with consideration of the impact on the local area, as well as the needs of vulnerable customers and the accessibility of alternative services such as free-to-use ATMs and Post Offices.

Sarah Wilkinson, chief operating officer at Virgin Money, said: “The decision to close a store is never taken lightly. But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand.

“Our focus is on supporting our customers and colleagues. We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.

“For our colleagues, we will pursue all options to retain as many as possible within alternative roles, and have had great success previously with store colleagues moving to other customer operations roles, as their skills are highly transferable.”

The Belfast branch, beside Tim Horton's, is due to close from November 13.

Virgin Money also promised to work with customers to support a smooth transition, particularly where vulnerable customers are concerned.

For each affected store, written notification will be sent to customers and posters will be displayed at least 12 weeks before they close, providing details on the alternative ways customers can continue to manage their accounts.

Virgin Money will also confirmed to support affected colleagues with finding alternative roles wherever possible, either within other stores or elsewhere in the Group. However, added ‘some colleagues will be at risk of redundancy’.