Virgin Money runs into row over closure of charitable arm | Business News
Virgin Money, one of Britain’s biggest retail banks, is to close its charitable giving arm in a cost-cutting move that risks a backlash from fundraisers across the country.
Sky News has learnt that the company plans to announce next week that it has decided to close Virgin Money Giving, 12 years after it was set up to coincide with the advent of its sponsorship of the London Marathon.
Sources said that Virgin Money executives had decided that the continued operation of the fundraising platform was no longer sustainable because it was costing the bank millions of pounds each year to operate.
The move will affect roughly 50 jobs, most of which are based in Norwich, and those impacted will be consulted on potential openings elsewhere in the group, according to an insider.
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The charitable arm’s closure will not take place…
