Lee Rochford stands down as chief financial officer of Virgin Money September 1, 2015 Lee Rochford has resigned from his role as chief financial officer of Virgin Money, the company announced today. Read more: Virgin Money IPO: Jayne-Anne Gadhia to get £1m bonus, but misses a bigger payout on low valuation His permanent replacement has not yet been decided, but Dave Dyer, currently strategy director of the firm, [...]
July Budget 2015: Challenger bank share prices plummet – Aldermore, Virgin Money, Shawbrook and OneSavings suffer worst day ever July 8, 2015 Publicly-traded British challenger banks suffered their worst day on record yesterday, as chancellor of the exchequer George Osborne said yesterday that a new corporation tax surcharge would take a significant chunk out of the industry’s profits. Reading-based retail bank Aldermore, which floated on the London Stock Exchange earlier this year, saw its share price [...]
Check out Virgin Money’s Sex Pistols credit cards June 9, 2015 "Cause I wanna be anarchy … it's the only way to be," sang punk band the Sex Pistols over thirty years ago. Now, though, it looks like their artwork will be gracing something vital to the smooth functioning of a modern society… Richard Branson-backed Virgin Money, which floated on the London Stock Exchange in November, has unveiled [...]
Virgin Money eats up mortgage market share as lending rises May 1, 2015 The figures Virgin Money delivered a rise in mortgage lending and ate up a larger chunk of market share during the first quarter, cementing its position as one of the UK's fastest growing challenger banks. The lender said it enjoyed a 34 per cent rise in gross mortgage lending to £1.6bn at a time when [...]
Billionaire backers Wilbur Ross and Stanhope Investments cut Virgin Money stake April 14, 2015 Billionaire investors Wilbur Ross and Stanhope Investments last night cut their stake in high street bank Virgin Money by selling $354m (£240m) of shares in the Richard Branson-backed venture. The bank, which floated last November by raising £500m, valuing the business at £1.25bn, is co-owned by US investor Ross and Abu Dhabi-based fund Stanhope alongside [...]
Virgin Money eyes dividend this year as profits more than double March 5, 2015 Challenger bank Virgin Money could start paying dividends as soon as the middle of this year, chief executive Jayne-Anne Gadhia told City A.M. yesterday. Virgin announced operating profits of £121.2m for 2014, more than double the £53.4m recorded in 2013. However, its statutory profits slumped to £34m – 2014’s figures include the costs of its [...]
Virgin Money share price jumps as underlying profit more than doubles after IPO March 5, 2015 The figures Shares in recently-listed challenger bank Virgin Money rose almost five per cent in late morning trading, after it posted figures showing full-year underlying pre-tax profit soared 127 per cent thanks to its swelling mortgage loan book. The challenger bank, which floated in November, said underlying pre-tax profit was £121m in 2014, up from [...]
FTSE 100 and 250 quarterly review: Hikma, AA, Virgin Money Holdings and Imagination Technologies Group are in and Afren, Game Digital and Oxford Instruments are out March 4, 2015 The FTSE Group has released its quarterly review showing which companies have edged into the index and which have dropped out. Hikma Pharmaceuticals made its way into the FTSE 100 while Tullow Oil has fallen out of the top index. Hikma floated on the London Stock Exchange in 2005. Tullow will now join the FTSE [...]
Virgin Money snaps up £363m of credit card assets from MBNA December 1, 2014 Challenger bank Virgin Money yesterday bought another portfolio of credit card assets from MBNA, continuing its acquisition spree as the lender bulks up. Virgin Money paid £363m for the assets, 11 months after it bought a similar book for £1bn. The lender snapped up the good bank part of Northern Rock to fully launch itself [...]
Virgin Money IPO: Jayne-Anne Gadhia to get £1m bonus, but misses a bigger payout on low valuation November 13, 2014 Virgin Money’s chief executive yesterday received a bonus of almost £1m for successfully floating the business at a valuation of £1.25bn. Jayne-Anne Gadhia was given around one-third of a million shares, amounting to 0.086 per cent of the bank’s stock and valued at just under £1m. But she missed out on a bigger [...]