Rich list: Richard Branson and Rishi Sunak see fortunes shrink – but who are the wealthiest Brits now? May 19, 2023 The billionaire Hinduja family have topped the Sunday Times Rich List for the second year in a row as their fortune jumped by more than £6 billion. Gopi Hinduja and his family, which is behind the Indian conglomerate Hinduja Group, were named as Britain’s richest just days after Mr Hinduja’s brother Sri died. For the [...]
Has Branson’s satellite dream been grounded? Virgin Orbit files for bankruptcy in the US April 4, 2023 Sir Richard Branson’s satellite launch firm Virgin Orbit has filed for Chapter 11 bankruptcy in the US after failing to secure rescue funding. It comes after a Virgin Orbit rocket failed to complete the first satellite launch from UK soil in January. On Tuesday, the business lodged a filing with the US Bankruptcy Court for [...]
Down to earth for Branson’s Virgin Orbit satellite firm as funding dries up and 85 per cent of staff are cut March 31, 2023 Sir Richard Branson’s satellite launch firm Virgin Orbit is to cut 675 jobs – about 85% of its workforce – after failing to secure new funding. The entrepreneur has said he will inject almost £9 million to go towards severance costs. It comes amid reports from the Financial Times that Virgin Orbit’s chief executive Dan [...]
Branson: Britain doesn’t appreciate private enterprise – and don’t call me a billionaire January 9, 2023 SIR RICHARD BRANSON has warned the UK no longer appreciates entrepreneurship – as he prepares the UK’s first ever rocket launch. Virgin Orbit is set to send a 747 named Cosmic Girl to 40,000 feet as soon as this evening – taking off from a spaceport in Cornwall – at which point it will then release a [...]
Sir Richard Branson: No new investment in Brexit Britain December 13, 2022 Sir Richard Branson has ruled out investing new cash in the UK for the foreseeable future, claiming the economy has been hamstrung by trade barriers and “red tape” brought on by Brexit.
Richard Branson facing US lawsuit is sign of the times for the young space industry November 8, 2022 The lawsuit Richard Branson is facing in the US over claims he hid Virgin Galactic’s problems from shareholders is a sign of the times, as investors become rattled by a young market’s growing pains. The British billionaire has been accused of defrauding shareholders into overpaying for the space tourism company’s shares, a US judge said [...]
Richard Branson pumps £30m windfall into Virgin Brands October 4, 2022 Richard Branson has invested some £30m worth of royalties back into his Virgin brand. The British billionaire pumped £25m into the Virgin group last year, down from £85m in 2018. The cash is intended to help support the businesses hit hardest by successive Covid-19 lockdowns worldwide, namely Virgin Atlantic. Virgin Galactic, Branson’s lagging space venture, [...]
Sir Richard Branson: ‘Not lockdowns but vaccines are the route to recovery’ December 27, 2021 Sir Richard Branson has said he believes that vaccines and other precautions against Covid-19 such as the mandatory wearing of indoor face coverings and proof of vaccination are the key to preventing the spread of the virus, rather than “damaging lockdowns”. Sir Richard said that “widespread and equitable vaccinations against Covid-19, coupled with sensible day-to-day [...]
Virgin Atlantic boosted by £400m in funding from Branson’s Virgin Group and Delta Air Lines December 13, 2021 British Airways rival Virgin Atlantic is hoping to leave the turbulence behind after sealing a funding deal with Virgin Group and Delta Airline to inject £400m in fresh cash to steer it out of the pandemic. Virgin Atlantic, like many other airlines, has been battered by the Covid tracvel restrictions and the clisure of many [...]
Richard Branson-backed Spac targets Grove Collaborative in $1.5bn New York IPO deal December 8, 2021 Virgin Group Acquisition Corp, a blank-cheque firm backed by billionaire Richard Branson, has jumped on the eco-friendly product craze and targeted Grove Collaborative in a merger to take the “sustainable consumer goods company” public in a $1.5bn deal. In a transaction that is expected to close in the first or second quarter next year, the [...]