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NECC Welcomes Northern Rock Sale

 

The North East Chamber of Commerce has welcomed news of the sale of Northern Rock to Virgin Money.

The North East Chamber of Commerce has welcomed news of the sale of Northern Rock to Virgin Money.

The Government announced the £747m sale yesterday.

James Ramsbotham, NECC Chief Executive, said:

"The announcement that Northern Rock is returning to private sector ownership is a significant milestone for the company having endured three incredibly turbulent years and undergone complete restructure.

"It is extremely welcome news that new owners Virgin Money is committed to creating a new headquarters in Newcastle and has provided assurances that there will be no additional compulsory redundancies for at least three years.

"Hopefully this announcement will bring stability back to Northern Rock and help restore public confidence in the banking sector."