Virgin Money has stepped up its plans for a UK retail banking business with the £12.8m acquisition of Church House Trust.  

Sir Richard Branson, chairman of Virgin Group, said, “The Church House Trust business offers us a strong platform for growth.”
Virgin Money announced that it had agreed terms with Church House on a bid for all of the company. Virgin will also inject £37.3m of new capital into Church House.
The Sunday Telegraph revealed last week that Virgin Money had hired advisers to facilitate the acquisition of a bank early in the year.  
The acquisition of Somerset-based Church House - cleared by the Financial Services Authority - gives it the platform to move into deposits and mortgages and boost the scale of the business through further deals.
Sir Richard Branson, chairman of Virgin Group, said: “The Church House Trust business offers us a strong platform for growth. ”Virgin Money aims to bring simplicity to the UK banking market, which has traditionally been a complex sector.”
Virgin Money - which failed in its efforts to buy now-nationalized Northern Rock two years ago - already offers savings, credit card and investment products to around 2.5 million customers.
(Source: Daily Telegraph)