Virgin Money Wick branch closure ‘devastating’ for business and community says local MSP Maree Todd

Maree Todd MSP has called on Virgin Money UK to reconsider its decision to close its Wick branch, following the announcement on Thursday that the far north branch will close its doors in January, along with 11 other branches in Scotland.

The firm said it had become increasingly clear that more customers at their Wick store are now opting to bank through mobile, online and telephone channels. The bank was opened with a fanfare announcement in September 2020 with Steven Millar, area manager at Virgin Money, saying: “These are exciting times for the Virgin Money store in Wick as it becomes one of the first stores in our nationwide network to move across to the Virgin Money brand."

The company claimed to be "the new disruptive force" in UK banking and "the only bank outside the Big Five" that boasts a genuine full-service personal and business banking capability. But now, Virgin Money has laid plans to close 12 stores in Scotland, as it "adapts to changing customer demand".

Constituency MSP for Caithness, Sutherland and Ross, Maree Todd MSP said: “On behalf of my constituents in Wick, I have written to Virgin Money UK’s chief executive officer, David Duffy, to express my concerns over the banks’ decision to close its branch in Wick.

“In writing to me to share the announcement, Virgin Money quoted that just 46 per cent of their customers in Wick are digitally active. This figure is simply not high enough to justify a move to online banking, which leaves more than half of the bank's loyal customers at risk of being cut off. Telephone banking is also unsuitable for many of my elderly constituents who may be hard of hearing.”

Mrs Todd added: “Ultimately, this is about social responsibility and financial inclusion. Another bank choosing to close its doors is devastating for the area. The loss of Virgin Money’s high-street presence will be widely felt by businesses and the local community who have clearly been overlooked in this decision.

“I sincerely hope that Virgin Money revisits its decision and in doing so, accounts for their loyal customers in Wick who depend on the bank's in-person services.”

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