Virgin Money slumps as WL Ross sells entire stake

Virgin Money shares slumped on Thursday after US private equity firm WL Ross & Co sold its entire stake in the company.

The firm – which is owned by American billionaire Wilbur Ross – sold just under 53.6m shares in the company, or around 12% of the issued share capital at 320p per share, with gross proceeds of £171.5m.

WL Ross had originally planned to sell 27m shares but upped the amount following strong demand.

Bank of America Merrill Lynch and Goldman Sachs International acted as joint bookrunners on the placing.

WL Ross & Co had already sold off 50m shares in Virgin Money back in September of last year.

At 1105 GMT, the shares were down 6.5% to 316.50p.