Virgin Media Foundation
Virgin Money, the bank created when Sir Richard Branson’s Virgin Group took over Northern Rock, the bank that famously went bust right at the beginning of the subprime mortgages financial crisis in 2008 is to start its own Charitable Foundation in 2015.
In a move that is not unlike how Virgin Money came to existence from the ashes of Northern Rock. Virgin Money Foundation seem to be emerging just as Northern Rock Foundation ceases to exist, because it is no longer able to raise money to continue its charitable work.
Focusing mainly in the areas of North East England Virgin Money has a strong presence, the new Foundation’s first projects will focus on making a positive difference for young people in the region. Part of the focus will be the investment of nearly £1 million to create the first Youth Zone in the North East, giving young people aged 8-19 a place to socialise, be creative and inspire one another in their free time.
Virgin Money Foundation will start life with at least £5 million in its bank account, £1 million of that comes from Virgin Money with £4 million donation from the exchequer. Announcing the £4 million donation on behalf of the government on a visit to Stockton-on-Tees George Osbourne was the £4 million the government is donating comes from fines levied on banks.
Responding to the £4 million donation from the government Jayne-Anne Gadhia, CEO of Virgin Money, said: “Virgin Money takes its social responsibilities very seriously in all of the communities it operates – but particularly in the North East. We are therefore delighted to be setting up a new, independent Virgin Money Foundation. We are very grateful to the Government for their generous contribution which will enable the new Virgin Money Foundation to make a positive and sustainable difference in the North East.”