Regent Centre - Virgin Money

Virgin Money

The Virgin Money bank has its headquarters on a site that is adjacent to, although not technically a part of Regent Centre. This complex is called Jubilee House. The Red Box Design Group has been involved with the development of all of the currently standing buildings for the bank.

The focal point of Regent Centre since 1965 had been Northern Rock's old tower 7 storey building. In early 2006 this building was demolished and its replacement, known as Partnership House, that is 10 storeys high and cost £35 million was completed in November 2008. Two of Northern Rocks other buildings on the site were completed in the 1990s, two further buildings were built in the early 2000s. The 1960s tower building also housed a branch of the Northern Rock bank.

Northern Rock had financial difficulties in 2007 due to the subprime mortgage crisis and was nationalised in 2008. This led to the company deciding to downsize, including job cubs and deciding to put this new tower building up for let or sale. Newcastle City Council spent £22 million purchasing the building, and let it out to another firm, a company set up by the council with support services firm Carillion, on a 25 year lease.

In November 2011 Virgin Money agreed to purchase Northern Rock from the British Government. The deal which was finalised on 1 January 2012. As of October 12, 2012 Northern Rock was rebranded to Virgin Money and these buildings become Virgin Money's headquarters for their savings and mortgages business. Northern Rock House was renamed Jubilee House as part of the rebranding exercise.