Northern Rock Foundation is to close

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GRANT-giving body the Northern Rock Foundation is to close.

The news came after year-long talks with Virgin Money broke down.

The Foundation, which was the charitable arm of failed bank Northern Rock, funded projects and community groups across the North East, including Sunderland, for the last 16 years.

It receives no funding from other sources and is to be wound down.

Chairman Alastair Balls said: “It is very disappointing after such extensive discussions to have to accept that Virgin Money will not commit to fund the Foundation in future.”

Announcements will be made later this year about remaining funds.