Case Study: Virgin Money appoint us to assist on 75 properties nationwide
Virgin Money plc is a company owned by the Virgin Group that offers financial and banking services throughout the UK. Originally known as Virgin Direct, the company was founded by Richard Branson in 1995, before being awarded its banking license in 2009.
Virgin Money approached us in 2015 to assist them in dealing with various technical matters encountered on their property portfolio. Our first instruction comprised the survey and reporting of all defects existing in 34 of their 75 stores nationwide, specifically in order to plan their future maintenance and attend to their repairing liability imparted by the leases of those properties.
Our surveys not only assessed the root cause of each existing defect, but also advised on foreseeable future defects in the forthcoming 10 years. The report was prepared with estimated costs concerning each repair item, to allow the client’s budgets to be put into place as required to maintain the good standard of repair in each. The reports are also intended to assist the future planning of store strategy and contribute to consideration of store relocations.
In the management of the surveys we developed a new format for our property reports that was unique to Virgin Money and specifically highlighted the key information that Virgin Money required. This also included the portfolio-wide analysis of costs to allow a global assessment on the determined liability to be reviewed by the client.
Through our work with Virgin Money we discovered that they had previously been receiving a limited level of expertise on such technical matters on site. To solve this issue we prepared tender documents concerning the future maintenance of the portfolio, which ultimately led to the appointment of several maintenance contractors onto Virgin Money’s approved list.
By assisting Virgin Money in the appointment of a team of trusted contractor’s nationwide, we ensured that they can expect a high level of service from reputable contractors in the maintenance of their estate, at a reasonable cost.
In the past 2 years we have completed just over 10 jobs for the company, utilising our nationwide reach and local knowledge from our building consultancy teams across the offices. The jobs have ranged from a £1,000 repair in Birmingham to a £45,000 repair on a store in Newcastle upon Tyne and we continue to assist Virgin Money on various technical issues.