Virgin pays back government and creates 200 jobs

Sarah Davidson

July 25, 2014

Since purchasing Northern Rock the bank has grown its mortgage balances by over 40% to exceed £20bn.

The bank posted underlying profits of £53.4m in 2013 after recording loss of £2.5m in 2012.

Chancellor George Osborne, who visited Virgin Money’s offices in Newcastle today, welcomed Virgin’s creation of 200 jobs.

He said: “It’s fantastic to see a market challenger like Virgin Money growing, launching new and different products, and creating more jobs here in the North East.”

Jayne-Anne Gadhia, chief executive officer at Virgin Money, said: “It was a pleasure to welcome the Chancellor to our offices in Newcastle today. We have grown the business strongly, exceeding market growth in both our core mortgage and savings business, and returned to profitability.

“We have achieved this whilst maintaining the strength and quality of our balance sheet. To support this growth I am delighted to be able to announce that a further 200 new jobs will have been created throughout 2014.”

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