Addleshaw Goddard has advised Virgin Money* on the sale of its investment business to Octopus Money, part of the Octopus Group, in a strategic deal that will support Octopus’s expansion in the direct-to-consumer (D2C) wealth market. 

The transaction, which is subject to FCA approval and will involve the acquisition by Octopus Money of Virgin Money Unit Trust Managers Limited, will see around 150,000 investment customers transferred to Octopus Money, significantly accelerating its presence in the retail wealth sector. 

Under the terms of the deal, Virgin Money’s investment customers will continue to be supported by their existing teams, with no immediate changes to the service model. 

The Addleshaw Goddard team advising Virgin Money was led by Ben Koehne, Head of Financial Services Sector, and Carla Edney, Managing Associate, with support from Alexandra Coventry and Christian Du Toit, as well as colleagues across the firm’s Financial Regulation, Tax, Commercial, and Employment practices, amongst other specialist areas. 

Ben Koehne, Head of Financial Services Sector at Addleshaw Goddard, commented: “We are pleased to have supported Virgin Money (and to have worked closely with the combined Virgin Money and Nationwide deal team) on this important strategic disposal that enables the business to focus on its core banking priorities.” 

*Virgin Money is a trading brand of Clydesdale Bank plc. Clydesdale Bank plc is now a wholly owned subsidiary of Nationwide Building Society following the completion of the acquisition by Nationwide of Virgin Money on 1 October 2024.