Church House Trust
On 8 January 2010 Virgin Money announced the acquisition of Church House Trust Plc for £12.3 million, giving Virgin a small foothold in the UK banking market. Although Church House Trust had no branches, it provided Virgin with a banking licence. Virgin are to invest a further £37.3 million of new capital into the business. The FSA have already approved the deal. On 26 January the deal was declared unconditional.
In April 2010 the Times commented in their City Diary, about a potential intellectual property issue between Virgin (Church House Trust) and a small IFA based in Guildford, Surrey with a similar name, Churchouse Financial Planning.
On 18 December 2012 Virgin agreed to sell Church House Trust Limited to SAV Credit Limited; the deal is subject to FSA approval and should be finalised in the first half of 2013.
Read more about this topic: Virgin Money, Corporate Affairs, Acquisitions
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