Quayle Munro Limited is pleased to announce that it has advised Virgin Money Holdings (UK) Limited on its takeover offer for Church House Trust Plc, a regional private bank in Somerset, for approximately £12.3 million. Virgin Money announced today that all the conditions of the offer have been satisfied and therefore it has been declared unconditional in all respects. Quayle Munro originated the transaction and advised Virgin Money on the structuring and execution of the offer, as well as the FSA change of control application process.
Andreas Wesemann, Managing Director at Quayle Munro, commented:
“Quayle Munro is delighted to have advised Virgin Money on the successful bid for Church House Trust. Virgin Money is ideally positioned to take advantage of the shake-up of the financial services sector by making banking simpler and better. Consumer demand for Virgin Money to enter the banking market is significant. We are very confident that Virgin Money will meet those expectations and develop into a major force in the sector.”
Jayne-Anne Gadhia, CEO of Virgin Money, said:
“The financial crisis has tarnished the reputation of UK banks. Virgin Money will provide a better, different form of banking to its customers, increasing competition in the sector. Our aim is to make ‘everyone better off’ in the way we do business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a growing profit to shareholders. Our approach to banking is founded on developing a sustainable, savings-based business. We see the acquisition of Church House Trust as a strong and sensible first step in delivering Virgin Money’s banking ambition.”