Richard Branson Buys Part Of Newcastle Upon Tyne Based Northern Rock

Virgin Money which is owned by Sir Richard Branson’s business empire, has bought part of Newcastle Upon Tyne based Northern Rock which was  nationalised in early 2008 and split in two in 2010.

Most of the old mortgages and debts will still be managed by Northern Rock Asset Management headed by UK Financial Investments, however, Virgin Money will take over all the branches and around one million savers and borrowers. The company has said it will keep the headquarters in Newcastle and ensure that there are no involuntary redundacies for at least 3 years … read more on the BBC

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