Virgin Money Giving - Closing in November

I just saw that Virgin Money Giving will be closing as a service from November. I believe they provided lower cost fundraising platforms for charities than some of the others but maybe it wasn’t sustainable.

The closure seems to be coming with v short notice. I guess the last 18 months really took a toll with most in-person fundraising events cancelled or reduced.

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I don’t know if anyone has noticed but Virgin seem to be kind of slowly disappearing.

VFestival - Virgin No longer sponsored the festival.

Virgin Trains - They lost the franchise.

Virgin Mobile - The merge with O2 could possibly see the Virgin brand disappear.

Virgin Megastore - Disappeared off the high street. I think it was rebranded to a non-virgin company and then went bust.

It just seems to be more focused on the Virgin Gallactic and the Virgin Hyperloop.

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I think there’s a lot of succession planning going on. Ol’ Beardy has spend the last decade at least getting Holly more and more involved in the Virgin Group and has been preparing her to take the reins. While of course the Virgin business is far more than the Branson family, it makes sense that he will want to leave the next generation a business suitable for the future, rather than something that’s trading off past reputations and businesses, so I suspect that’s a lot of what has been going on, getting the next generation in as these changes happen so they won’t be taking on a record company or retail business they have little connection to or understanding of, but a series of businesses and focuses that they not only help build and understand but are things that they feel are the future of the company.

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This is just as likely to be ex-CYBG (Clydesdale and Yorkshire) bosses deciding that they don’t want to continue “subsidising” this part of the business now they’ve merged with Virgin Money.

In effect, the Virgin Money merger was a reverse-merger, with Clydesdale really taking over Virgin Money.

The Clydesdale bosses will therefore have no affinity to old Virgin Money initiatives and are likely to take a more hard-headed view of things.

If anything, a platform like this is actually more viable in a COVID world than the traditional “collection tin” method of fundraising, so I wouldn’t bet that COVID is the cause of this.

There are lots of in person events that still need an online platform for though. Doing a sponsored bike ride/hike/head shave etc etc. Virgin Giving aimed to charge less for the service than their competitors.

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