Virgin Money wins acceptances for Church House Trust purchase

VIRGIN Money yesterday said it had received acceptances from shareholders representing all of the voting rights for small bank Church House Trust, which it is buying to gain a full UK banking licence.

The company, headed by Jayne Anne Gadhia, has already confirmed its interest in buying assets from Northern Rock, Lloyds Banking Group and Royal Bank of Scotland as part of its assault on the UK high street.

Sir Richard Branson’s fledgling bank recently recruited City grandee Sir Brian Pitman, 77, as chairman. Pitman helped advise on the Church House Trust acquisition having previously worked with Virgin on its bid for Northern Rock before the collapsed mortgage lender was nationalised two years ago.