Branson’s asset-light touch leaves Virgin exposed edwardcropley
Virgin Atlantic will only survive the coronavirus outbreak if the airline gets financial support from the British government, billionaire founder Richard Branson said on April 20.
In an open letter to employees of his Virgin Group, Branson said state support might come in the form of a commercial loan. “It wouldn’t be free money and the airline would pay it back,” he wrote. Branson also pledged to raise capital for struggling Virgin Group businesses against personal assets including Necker, his Caribbean island abode in the British Virgin Islands.
Virgin Australia, the country’s second-biggest airline in which Branson has a 10% stake, collapsed into administration on April 21, with debts of more than $3 billion.
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