Virgin Money sells regional bank

Details of the sale were disclosed in Virgin Money’s IPO Prospectus dated 13 November 2014.

CHT, a regional bank based in Yeovil, Somerset, was a wholly owned subsidiary of Virgin Money providing savings and mortgages.

CHT was classified as held for sale and was the subject of a share purchase agreement dated 13 September 2013 between Virgin Money, Ocean Industries S.A. and Brilux S.A.R.L. The consideration for the purchase of the shares was £13,000,000.

The sale was subject to Prudential Regulation Authority approval, which was granted on 3 November 2014.

Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money, said:

“The acquisition of Church House Trust back in 2010 was an important step forwards for Virgin Money, but with our acquisition of Northern Rock plc in 2012 and subsequent IPO, now is the right time for us to sell the business. I would like to thank all the team at Church House Trust for their support over the past 5 years and wish them and Ocean every success for the future.”