It has just been confirm on Radio 4 that Virgin Money is to acquire the regional bank Church House trust for £12.8 million.
Virgin Money will be injecting £37.3 million of new capital into Church House Trust and will be utilised as a platform to move into deposits and mortgages and boost the scale of the business through further deals.
Virgin Money applied for their Banking licence in October and The Financial Services Authority have cleared Virgin Money’s acquisition Church House Trust.
Church House Trust is based in Somerset and traces its routes back to 1792 and boasts 3,000 private customers, £50 million on deposit and a £25 million loan book.
Enable Finance Ltd have worked with Church House Trust for many years and would like to wish them all the best for the future with their new owners Virgin Money.