Virgin Money sells Church House Trust Limited to Ocean Industries S.A.
This information is intended for use by journalists and is correct at the time of publication.
Virgin Money Holdings (UK) plc (“Virgin Money”) announces that it completed the sale of Church House Trust Limited (“CHT”) to Ocean Industries S.A. on 30 November 2014. Details of the sale were disclosed in Virgin Money’s IPO Prospectus dated 13 November 2014.
CHT, a regional bank based in Yeovil, Somerset, was a wholly owned subsidiary of Virgin Money providing savings and mortgages.
CHT was classified as held for sale and was the subject of a share purchase agreement dated 13 September 2013 between Virgin Money, Ocean Industries S.A. and Brilux S.A.R.L. The consideration for the purchase of the shares was £13,000,000.
The sale was subject to Prudential Regulation Authority approval, which was granted on 3 November 2014.
Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money, said:
“The acquisition of Church House Trust back in 2010 was an important step forwards for Virgin Money, but with our acquisition of Northern Rock plc in 2012 and subsequent IPO, now is the right time for us to sell the business. I would like to thank all the team at Church House Trust for their support over the past 5 years and wish them and Ocean every success for the future.”
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Virgin Money Press Office
0191 279 4676
NOTES TO EDITORS
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to our shareholders
- Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.
Virgin Money Holdings (UK) plc - Registered in England and Wales (Company No. 03087587). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.