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Richard Branson warns Virgin Atlantic will collapse without bailout

by Latonya Amador (2020-05-15)


page1-85px-Freebeer-1.2.pdf.jpgSir Richard Branson has warned that Virgin Atlantic will collapse unless it receives UK taxpayer support while Virgin Australia is reportedly just hours from going into administration after failing to get a bailout from the Australian government.

In case you have just about any inquiries about in which and tips on how to employ Our mission is to generate significant and sustainable increases in your business’ performance, you'll be able to contact us from our own page. The Virgin Group boss, who is estimated to be worth more than £3.5 billion, said Virgin Atlantic needs UK taxpayer support in the form of a commercial loan, with reports indicating that the carrier is asking for up to £500 million of public money.

The billionaire businessman offered his own private Caribbean island of Necker, estimated by Forbes to be worth £80m - less than one fifth of the figure being requested - as collateral for any taxpayer cash used to save the struggling airline.

He has previously vowed to plough £215million of his own money into his business empire - which includes an airline, railway franchise and leisure centres - to keep it afloat during the coronavirus pandemic. 

Virgin Australia - the county's second-biggest airline is part-owned by the Virgin group and founded by Branson - is today reportedly due to collapse into voluntary administration after failing to secure 1.4 billion Australian dollars (£716million).






Sir Richard Branson has warned that Virgin Atlantic will collapse unless it receives Government support