A prized Virgin asset or two may have to be sold
figure holds a candle to Sir Richard Branson when it comes to public-relations stunts. Not all of the British entrepreneur’s capers go off without a hitch, however: he was once rescued by anhelicopter when his speedboat capsized while attempting a record-breaking Atlantic crossing. His record in business with his Virgin-branded empire is also studded with successes and failures, among the latter being Virgin Cola, Virgin Brides and Virgin Cars .
A business that hopes to operate at a higher altitude may act as saviour: Sir Richard’s space-tourism venture, Virgin Galactic, which was floated in New York last year. In recent weeks a Branson-controlledfirm, Vieco 10, has sold 37.5m Galactic shares, raising $560m but cutting the tycoon’s stake from over 50% to around 30%.
Some of these nascent businesses looked bright before covid but are now beleaguered. The first ship in the Virgin Voyages cruise line, a joint venture with Bain Capital, sits off the Florida coast, diverted there while en route to a launch event in New York when the virus struck. The price tag for that vessel and three more being built is €3bn . Virgin says the fleet has sufficient funding and it now hopes to launch in October.
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