- Virgin Money said it raised its forecast for restructuring charges amid plans to accelerate store closures, and restructure its offices to further accommodate flexible working patterns.

Restructuring charges for FY21 were now expected to be about £145 million in total with an additional £45 million booked in Q4, as the group launches 'the initial actions in order to deliver on its strategic ambition to be the UK's best digital bank.'

The group identified 31 stores out of the 162 in its network which will be closed over the coming months, resulting in a £25 million restructuring charge in Q4.

The re-purposed of infrastructure and office hubs to fit new ways of working would incur a £20 million restructuring charge in Q4.

'The steps announced today are the first phase of the acceleration of Virgin Money UK's digital strategy, which will drive further productivity gains and build capacity for ongoing re-investment, further digitisation and in time, greater cost efficiency,' it added.

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