Make £5 Grow young entrepreneurs generate over a quarter of a million pounds for UK good causes
Children from primary schools across the UK have made over £250,000 in profit by developing financial, business and creativity skills as part of Virgin Money’s enterprise programme - Make £5 Grow. All profits are kept by the school, either investing back into the children, school equipment or donating to a local good cause.
Virgin Money extends London Marathon Sponsorship to 2021
Virgin Money has announced a one-year extension to the sponsorship of the London Marathon, continuing its proud support for the event up until 2021.
Hugh Brasher, Event Director of the Virgin Money London Marathon, said: “Our partnership with Virgin Money has helped London to become the world’s greatest marathon and the race that everyone wants to run with a world record 414,168 people applying through the ballot for the 2019 event. We are very proud of all that we have achieved together and delighted that the sponsorship has been extended to the 2021 race.”
CYBG completes Virgin Money acquisition
CYBG completed the acquisition of Virgin Money, creating the UK’s sixth biggest bank and the first national banking competitor to the status quo.
The combination of CYBG’s Clydesdale and Yorkshire Banks with Virgin Money delivers what is needed to disrupt the status quo in banking:
an iconic nationally recognised brand with strong consumer champion credentials
enhanced scale and a national footprint – double the size of any other challenger bank
the only bank outside the ‘Big 5’ with a genuine full-service offer for retail and SME customers
proven technology platform enabling the combined group to provide market-leading functionality and innovative products and services.
Commenting on completing the Virgin Money acquisition, CYBG Chief Executive David Duffy, said: “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers with the best service in the UK. Bringing the two banks together creates the UK’s sixth largest bank combining strong product, service and technology capabilities alongside an iconic brand with well-known consumer champion credentials.
“We are focused on delivering an excellent customer experience as we bring the two businesses together. This will be achieved through a clear, low-complexity, phased integration and re-branding plan over the next three years. This is a unique combination that will enable us to compete with the large incumbent banks.”
Virgin Money wows Cardiff with the launch of its latest lounge
Virgin Money brought its award winning Lounge concept to Cardiff. The new state-of-the-art Lounge, situated in the Old Library Building at 18/19 Trinity Square, opened its doors for the first time on Monday 4th June.
The new Cardiff Lounge takes the customer experience to a new level, offering an outdoor terrace, community room and children’s play area. There is also a quieter floor featuring a library, in recognition of the building’s former use, and a bar area with complementary soft drinks and refreshments. Following in the tradition of its seven contemporaries the Virgin Money Cardiff Lounge also features a Baby Grand Piano.
Virgin Atlantic partners with Virgin Money to offer the first savings account of its kind in the UK
Virgin Atlantic and Virgin Money partnered to offer the first savings account of its kind in the UK, a one-year fixed rate savings account which pays Flying Club miles instead of interest. Flying Club miles can be exchanged for a full range of Virgin Atlantic rewards, including flights and cabin upgrades.
Rhian Emmanuel, Director of Savings at Virgin Money said: “The new Flying Club Savings account is the first of its kind and is a brilliant option for savers looking to gain more value from their cash deposits, where customers can earn 1,400 Flying Club miles for every £1,000 they invest. We are delighted to be able to offer such an innovative new account and to further expand our partnership with Virgin Atlantic.”
Virgin Atlantic and Virgin Money announced the first products under a new partnership between the two companies. The Virgin Atlantic Reward and Virgin Atlantic Reward+ Credit Cards will enable customers to earn Flying Club miles when using their card, which can be exchanged for the full range of Flying Club rewards including flights and cabin upgrades.
Oliver Byers, SVP of Sales and Customer Loyalty at Virgin Atlantic, said: “’We are incredibly excited to launch our new credit cards. With our cards customers can earn miles on their everyday spend to redeem for flights and upgrades and more. On top of that we’re offering our most valuable customers even more choice of rewards, so that they can create the Virgin Atlantic experience that suits them best.’’
Virgin Money launches its first instant access savings account for small businesses
Virgin Money launched a new and competitive instant access business savings account for small businesses.
Hugh Chater, Chief Commercial Officer at Virgin Money, said: “We know SME business leaders often have to juggle their many business priorities while ensuring their finances are in order. For too long, these businesses have been short-changed with the savings accounts on offer.
“With lots of SMEs not having enough time to shop around for the best deals, many are getting a rough deal and that is why we are entering the market. We look forward to welcoming business customers on board ahead of our plans to launch a Business Current Account by the end of 2018.”
Virgin Money launches new Rainbow credit card in support of Stonewall
Virgin Money launched a new credit card giving customers the opportunity to show their support for the lesbian, gay, bi and trans (LGBT) community and raise money for Stonewall, the LGBT rights charity.
Virgin Money committed to make a donation of £1 to Stonewall for every purchase transaction made using a Rainbow card in the first three months following account opening, up to a total of £100,000.
Chris Taylor, Director of Credit Cards at Virgin Money, said: “Virgin Money believes in the positivity and the openness that the rainbow flag symbolises. We were delighted to launch the new Rainbow card design to mark 50 years of progress with LGBT rights, while supporting Stonewall which does such fantastic work to promote equality for the LGBT community.”
Virgin Money named as a Best Employer for Race in new listing
Virgin Money was been named by Business in the Community as one of the UK’s Best Employers for Race in a new listing published.
Creating a Best Employers for Race list was one of the recommendations made in the McGregor-Smith Review of race in the workplace earlier this year to showcase best practice on race equality in UK workplaces.
Sandra Kerr OBE, Race Equality Director at Business in the Community, said: “Congratulations to Virgin Money on being named in the first ever Best Employers for Race listing. They are taking a comprehensive and strategic approach to tackling racial inequalities within their organisation and have shown their commitment and leadership on this issue. I hope more employers will follow their example of best practice and take part in the 2018 listing. If employers truly want their workplaces to reflect the clients, communities and customers they serve, the time to act is now.”
Stanley Chow scores for United
Virgin Money gave Manchester United fans the chance to vote on their favourite credit card designs by graphic artist and Old Trafford season-ticket holder Stanley Chow.
The renowned illustrator designed the cards with iconic Manchester United players from the past - drawn in his unmistakable style.
"Virgin Money wanted to give United fans the chance to put something different in their wallet, and I hope supporters are as pleased with the results as I am." says Stanley Chow.
Virgin Money Group: Results for the half-year to 30 June 2017
Underlying profit before tax was up 26 per cent to £128.6 million and return on tangible equity increased to 13.3 per cent. Virgin Money was recognised as Britain’s most trusted bank and, with an overall Net Promoter Score (NPS) of +39, one of the leading UK retail banks for customer satisfaction.
Jayne-Anne Gadhia, Chief Executive said: “The momentum of the business demonstrates the strength of our strategy and the focus we have on serving our customers. Our drive to maintain excellent asset quality, deliver customer satisfaction and retention, combined with continuing operational leverage, helped deliver a 26 per cent increase in underlying profit before tax to £128.6 million. In line with our ambition to make ‘everyone better off’, our continued focus on delivering excellent customer service led to new highs in customer satisfaction with our overall Net Promoter Score improving to +39, making us one of the best-rated retail banks in the UK.”
Virgin Money to become Virgin Atlantic's retail financial services partner in the UK
Virgin Money and Virgin Atlantic agreed a new partnership under which Virgin Money will become Virgin Atlantic’s preferred retail financial services partner in the UK from 2018.
It is intended that the first of the new products will be launched in early 2018 and will offer customers a range of Virgin Atlantic benefits, as well as the advantages of being a Virgin Money customer, including access to Virgin Money Lounges and a range of Virgin Group company discounts.
Richard Branson, Founder of the Virgin Group said: "All Virgin companies have the shared ambition to make things better for customers, by delivering exciting products supported by red hot service. I am delighted that two of our best known and most loved brands are coming together to combine their strengths and deliver exactly that for customers."
Virgin Money announces new Lounge as it welcomes its two millionth visitor
Virgin Money announced that it will open its first Lounge in Wales. The latest Lounge will be the eighth across the UK and will opens its doors at 17-18 Trinity Street Cardiff in June 2018.
The news comes as the Virgin Money Lounges - a unique concept in UK retail banking – have now welcomed two million visitors since 2012.
Lyn Rose, Customer Distribution Director at Virgin Money said: “I am delighted to reach the milestone of two million Lounge visits. The concept has been a stunning success and we have met some fantastic people with fascinating stories along the way. We’ve hosted brilliant sessions with kids learning about money, witnessed marriage proposals and held many music and comedy events for our customers to enjoy. The Lounges are also an integral part of their local communities, with fundraising events raising over £130,000 for a wide range of charities. We can’t wait to bring our unique style of banking to Cardiff.”
New initiative helps career returners back into the workforce
Virgin Money launched a new initiative to provide support for people who have taken a break from their careers and now want to get back into the workforce. The 13-week ReCareer Programme is open to anyone who has had a break of 18 months or more from work, and is expected to be particularly attractive for women who have taken time out from their careers and are now keen to make a return.
Matt Elliott, Virgin Money’s People Director said: "There are many highly talented people out there who, for perfectly good reasons, decided to take a break from their careers but are now keen to return to the world of work. Unfortunately, that’s not always as easy as it sounds, so we’re delighted to launch our new ReCareers Programme to provide as much support and guidance as possible to help people return to their careers after an extended break.
"We have committed to achieving a 50:50 gender balance throughout Virgin Money by 2020 and we believe the ReCareers Programme will be a valuable addition to help us achieve that goal. It will run alongside other policies we have in place to ensure we develop an inclusive workforce such as our flexible matching recruitment and shared parental leave policies."
Virgin Money London Marathon sets another world record
The 2017 Virgin Money London Marathon raised a record-breaking £61.5 million for charity, setting a new world record for an annual single day charity fundraising event for an eleventh successive year.
The new record broke the £60 million barrier for the first time and was an increase of more than £2 million on the previous record total of £59.4 million raised in 2016. It brings the overall sum raised for charity since the event was founded in 1981 to more than £890 million.
Virgin Money Giving is the not-for-profit fundraising partner of the London Marathon and donations to charity through the online service reached more than £25 million including gift aid, linked to the 2017 race.
Event Director Hugh Brasher said: “Every year, the Virgin Money London Marathon inspires thousands of runners to take on the challenge of running the famous 26.2 miles and to raise these incredible sums for charity. We salute every runner who has contributed to this amazing world record total of £61.5 million, a staggering sum from a one day event.
Virgin Money Group 2016 Results
Virgin Money Holdings (UK) plc announces strong financial performance supported by continued growth in high-quality lending. Jayne-Anne Gadhia, Chief Executive at Virgin Money, said: ""I am delighted to report another very successful year for Virgin Money in 2016. Our customer-focused strategy of growth, quality and returns continues to achieve and maintain outstanding customer approval ratings, excellent asset quality and strong financial performance. We recorded market-beating growth in our core mortgages, savings and credit card businesses to deliver a 33 per cent increase in underlying profit before tax to £213.3 million and strengthen our underlying return on tangible equity from 10.9 per cent to 12.4 per cent.”
Seventh heaven as Virgin Money opens new Sheffield customer lounge
At the beginning of July we opened our seventh Customer Lounge in Sheffield. To celebrate the opening, we hosted a ‘Charity Super Bowl’ in the Lounge’s full size bowling alley, which enabled everyone to have some fun and experience what Virgin Money has to offer, while raising money for three local charities. All points scored were converted into pounds and each of the three charities received £5,000.
Virgin Money signs up with Manchester United
Richard Branson was unveiled as Manchester United’s latest signing, as Virgin Money announced a new four-year partnership with the club to become the Official Retail Financial Services Partner of Manchester United in the UK. The new agreement means customers are able to take advantage of attractive new products, including Manchester United savings accounts and credit cards. Customers taking one of the new products will get exclusive access to a range of club-related rewards and benefits
Virgin Money Group 2016 Half Year Results
Virgin Money also posted its 2016 Half Year Results which saw the company maintain momentum with continued strong lending growth and underlying profit before tax increased by 53% to £101.8million. There was continued growth across the core business including mortgage lending, credit cards and retail savings.
Virgin Money demonstrates commitment to its intermediary partners by investing in national advertising campaign designed to help build their businesses
Virgin Money demonstrated its commitment to the mortgage intermediary channel, and its confidence in its own intermediary proposition, by launching a new national advertising campaign, designed to promote the benefits of buying a mortgage through an intermediary. Virgin Money is the only UK mortgage lender investing in directly promoting its partners to consumers in this way. The campaign ran across national radio and national newspapers, as well as digital and social media channels, and mortgage trade media. The campaign encourages consumers shopping for a mortgage to speak to their existing mortgage broker or, if they don’t have one, to visit findamortgagebroker.co.uk – a new website that helps consumers to find an intermediary that can offer market advice.
Virgin Money Group 2015 Results
Virgin Money posted a very strong performance in its first full financial year since listing. It delivered Market-beating growth across core mortgages, savings and credit card businesses. Posting an Underlying profit before tax increase of 53 per cent to £160.3 million, from £104.8 million in 2014.
Jayne-Anne Gadhia Chief Executive at Virgin Money said: “I am delighted to report a 53 per cent increase in underlying profit for 2015 which ended the year at £160.3 million. We have performed strongly against our objectives, including delivering market-beating growth in our core mortgages, savings and credit card businesses, maintaining the quality of our balance sheet and delivering a customer satisfaction rating among the highest scoring retail banks in the UK.
Growth in our mortgage book outpaced the market as we continued to support demand in the UK housing market. Our savings franchise continued to flourish and deposit balances are now higher than at any point in our history. The success of our new credit card business, following the successful migration of credit card accounts to our own platform, means we now expect to grow card balances to at least £3 billion by the end of 2017, a year earlier than planned.
We will continue to put our customers at the heart of everything we do and look to the future with confidence.”
Women in Finance review
Virgin Money Chief Executive Jayne-Anne Gadhia leads the Women in Finance review on behalf of the Government. The Review is one part of the Government’s overall commitment to tackling gender inequality in the workplace and ensuring that women everywhere are able to fulfil their potential. The extensive programme of work includes efforts to close the gender pay gap, where new regulations will require every firm with over 250 employees to publish the difference in average pay between their male and female employees, and Lord Davies’ review on improving the gender balance on British Boards.
Creative minds join forces in the heart of Newcastle to do 'Tech for Good' in support of NSPCC and Virgin Money Giving
Virgin Money Giving joined forces with the region’s biggest tech hub, Campus North, to bring together creative minds, technical experts and entrepreneurs in a 'Tech for Good' weekend. Their mission is to create innovative new ways to encourage online charitable giving through Virgin Money Giving and to help fundraisers optimise their fundraising potential, so that great charities like NSPCC can do even more great work.
Newcastle is considered to have one of the strongest technical communities in the UK and Campus North is dedicated to supporting technology start-ups: people with big visions who could emerge as the next generation of technology founders and entrepreneurs.
The partnership was initiated by Dhiraj Mukherjee, Virgin Money’s Head of Banking Innovation, and previously co-founder of Shazam, the world’s first mobile-phone music recognition service that allows users to identify music using their mobile phone.
Dhiraj Mukherjee, Virgin Money's Head of Banking Innovation said: "I'm delighted to see this event come to life. As part of the Virgin family, innovation is in our DNA and supporting our local communities is an essential part of our culture. Ultimately we are aiming to build a better society through our work as a responsible bank, and partnering with Campus North is a great example of innovating for good."
Jo Barnett, Executive Director of Virgin Money Giving said: "Entrepreneurship and innovation are cornerstones of the Virgin brand and Virgin Money Giving was born when some creative minds came together to generate ideas for how we could use our financial and IT expertise to support UK charities. We are really excited about this opportunity to explore what tech can do for the charity sector and deliver ideas that will offer real long-term benefits for NSPCC, our charity of the year, and for charities generally."
Virgin Money opens new Haymarket Lounge
Virgin Money continues to reinvent and enrich the banking experience for customers by opening its sixth Virgin Money Lounge on Haymarket, London SW1. The new Lounge opened its doors on Monday 10 August. Only a short-walk from Piccadilly Circus, the new Haymarket Lounge takes the Virgin Money customer experience to a whole new level. The entrance level offers customers the chance to ‘lounge’, watch TV, or browse through a range of Virgin Money information on a huge interactive touch screen display. It also offers full banking facilities to customers in a strikingly designed banking area, with a beautiful virtual fish tank, complete with virtual Richard Branson diver.
Never mind the Bollocks, here’s the new Virgin Money Credit Card
Thirty eight years after the Sex Pistols first signed for Virgin Records, Virgin Money announced an exclusive range of Sex Pistols credit cards, which were available from 9 June 2015.
Three options were made available, including an eye-catching vertical design, with new technology allowing all customer personalisation (name, card number, expiry date) to be moved to the back of the card preserving the integrity of the Sex Pistols artwork and allowing it to be reproduced in full.
Virgin Money celebrates Royal arrival with Charlottes and Charlies everywhere
To celebrate the birth of The Duke and Duchess of Cambridge's second child, Princess Charlotte, Virgin Money gave away Virgin Young Saver accounts loaded with £25 to the first 1,000 children named Charlotte aged under 16 who opened a new account through a Store.
Records tumble at the biggest ever Virgin Money London Marathon
The 2015 Virgin Money London Marathon saw a host of records tumble when more than 37,500 finished the gruelling 26.2-mile journey from Blackheath to Westminster, making the 35th edition of the race the biggest in its history by almost 1000 runners. Cancer Research, the official charity of the event this year raised over £2.4 million. Children's charity, the NSPCC has been announced as the official charity of the event in 2016.
Virgin Money Group 2014 Results
Virgin Money posted a record performance in a landmark year for the business, reflecting a strong growth in mortgage, savings and credit card balances, whilst maintaining a focus on a high-quality balance sheet and a conservative risk appetite. Chief Executive Jayne-Anne Gadhia said: "I am delighted to report a 127 per cent increase in underlying profit for 2014 which ended the year at £121.2 million.
"We have made great progress against our objectives to achieve strong growth, maintain our high quality balance sheet and deliver returns to shareholders. We set out to be a credible and effective challenger to the large incumbent banks and I believe we have laid an excellent foundation on which to realise our ambition. We now rank in the top six of all UK net mortgage lenders and are among the highest rated retail banks in the UK by Net Promoter Score.
"We aim always to live up to the consumer champion ethos of the Virgin brand and our conservative approach to risk and strong financial performance go hand in hand with our commitment to serve the needs of customers and communities.
"Following the progress made in 2014 I am pleased to report that we expect to be admitted to the FTSE 250 on 20 March 2015.
"Our staff are at the heart of Virgin Money and I would like to thank them for their hard work throughout what has been a landmark year for the business.
Virgin Money launches new Intermediary Promises
On Monday 16 February we launched our new intermediary marketing campaign to the intermediary market to support our '2015 commitments'. Lots of other banks have caught onto the 'fair banking' message; one that we've conveyed from the very start of our journey. So this year in true Virgin style, we did something a little bit different. We sent each of our registered intermediaries a gold chocolate coin to celebrate our five key promises. They are:
'There's SLA and there's PDQ'. We will issue an offer within 10 working days of receiving a fully packaged application or we will give your customer £100.
'There's lip service and there's dedicated service'. We provide dedicated service and support to every intermediary. This means everyone has a nominated BDM contact and direct contact numbers for their regional service team. So every intermediary can get support when they need it.
'There are some of our mortgages and there are all of our mortgages'. We offer intermediaries our very best products and they have access to any product that their customer can get should they approach us direct. Simply speaking, we don't dual price.
'There's pay. And there’s a fair day's pay'. We understand that writing mortgage business takes more time following the implementation of MMR. So we have made sure that our procuration fees reflect this extra work. We are rewarding the intermediaries properly for the work they are putting in.
'There's 'sorry' product withdrawn and there's 24 hours notice! We understand that if you are looking at a product and following the proper procedures, you don't want it withdrawn with either little or zero notice. So if we need to change our rates upwards we promise to give at least 24 hours’ notice, so everyone knows where they stand.