Virgin Money Confirms Stock Market Flotation

Virgin Money has confirmed a planned stock market flotation, with trading due to begin later this month.

Sky News City Editor Mark Kleinman first reported the float, with an expected valuation of up to £2bn.

Sir Richard Branson: "This is a huge day for Virgin Money. We started this company 20 years ago with Jayne-Anne Gadhia when we set out to challenge the financial services industry.

"Our wonderful team have come a long way since then and have built a strong and valuable business, which offers great value products and services and a real challenge to the established players.

"There is still plenty to do and I am really excited about the future.

"Our intention to float is not the end of our journey, but the beginning of the next one. I really look forward to being on that journey with our customers and our staff in years to come".

Some £50m will be returned to the taxpayer as a result of the float, after the company took on the 'good bank' assets of ailing Northern Rock in 2011.

The float is expected to raise £150m for the company.

Staff members at Virgin Money will be granted a portfolio with 1,000 shares.

Virgin Money currently has around 2.8m customers.

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