VIRGIN Money – the North-East based bank which took over parts of the collapsed Northern Rock – is expected to announce details of its stock market flotation imminently.

Strong rumours from the City suggest the bank will begin promoting its listing on Thursday (October 1) in a move which is expected to value it at about £2bn.

Earlier this month Virgin Money, which employs 1,700 staff in Gosforth, Tyneside, announced a quadruple leap in profits to £59.7m in the first six months of the year, up from £13.1m over the same period last year.

Speaking at the time, its chief executive Jayne-Anne Gadhia, said: “We have a powerful brand, a strong balance sheet, a strong core business franchise and through our ambition to make ‘everyone better off’, a clear set of values that live throughout our business.”

A spokesman for the firm said it was “steadfastly” not commenting on the flotation rumours.

In 2011 Virgin Money, which is part owned by Sir Richard Branson and US billionaire Wilbur Ross, paid the Government £747m for the so-called ‘good bank’ element of Northern Rock with the taxpayer retaining the toxic mortgages which led to the Rock’s bail-out.

Should it float, it would follow the likes of TSB and the One Savings Bank. Other banks waiting in the wings to follow suit include Santander’s UK division and Metro Bank.

While there is expected to be significant interest from private investors, one man who said he would not be investing is Brian Peart, from Witton-le-Wear, near Crook, County Durham, who is vice-chair of the UK Shareholders Association.

Virgin Money previously agreed to pay £50m to the Treasury should it float before 2016, but Mr Peart said this was “small beer” compared to what shareholders like him lost in the now defunct Northern Rock, once Britain’s biggest mortgage lender.

He said: “In my view the good part of Northern Rock was sold to Virgin Money for nothing. Shareholders were thrown out and left with no value for their shares whatsoever.

“I like [Richard] Branson, he’s an exciting individual and a good businessman. However his attitude over the years seems to have been to make money for himself, but not for his shareholders if he can help it.

“I liked having shares in Northern Rock, but I won’t be taking out shares in Virgin Money.”