26th Aug 2021 22:02
(Alliance News) - Virgin Money UK PLC is set to close its charity fundraising arm Virgin Money Giving, Sky News reported Thursday.
The website will be shuttered later this year in an attempt to save costs, Sky said. The final date for donations is likely to be November 30, after the London Marathon.
Sky said it has helped 20,000 charities and over a million fundraisers raise more than GBP900 million online.
Sources told Sky that the lender decided that running the fundraising site was no longer sustainable because it was costing the bank millions of pounds each year to operate.
In a statement confirming the move, Virgin Money said it had undertaken a strategic review ahead of the marathon, which will be the last one that it sponsors.
https://news.sky.com/story/virgin-money-to-shut-down-charity-fundraising-platform-in-cost-cutting-move-12391254
Shares in Virgin Money UK closed at 210.00 pence each in London on Thursday, a 0.9% fall on the day but are up 56% so far in 2021.
By Paul McGowan; [email protected]
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