Virgin Atlantic secures £200m from Virgin in bid for £1bn rescue deal July 1, 2020 Virgin Atlantic has secured £200m in additional funding from parent company Virgin as the embattled carrier seeks a total of £1bn in the coming weeks in order to stay afloat. The airline, which has seen its planes grounded for three months due to the coronavirus pandemic, has had its finances decimated by the virus and [...]
Virgin Atlantic to restart flights to 17 destinations in August June 22, 2020 Virgin Atlantic has laid out plans to restart passenger flights to 17 more destinations from August onwards, following its initial return next month. The new tranche of destinations include Barbados, Tel Aviv, San Francisco and Miami, though the restart does depend on travel restrictions being lifted around the world. The announcement comes after the embattled [...]
Virgin Atlantic won’t fly until August under proposed quarantine measures – report May 15, 2020 The government’s plans to implement a 14-day quarantine period on incoming travellers to the UK would prevent Virgin Atlantic from resuming passenger flights until August. A source at the airline told Reuters that if the initiative, which was announced on Sunday, was approved, it would not be able to fill its aircraft. It said: “If [...]
Sir Richard Branson to sell $500m of Virgin Galactic stake to prop up other firms May 11, 2020 Sir Richard Branson is set to sell up to $500m shares in space tourism firm Virgin Galactic in order to prop up his other businesses, company filings published today showed. According to a submission to the US Securities and Exchange Commission, Branson will sell up to 25m shares in the company. At Friday’s close of [...]
Virgin Atlantic launches desperate plea for government support as buyout firms circle May 10, 2020 The chief executive of Virgin Atlantic has issued a last-ditch plea for a government bailout as a string of buyout firms circle the troubled carrier. Sir Richard Branson’s airline has failed to impress the Treasury with its request for a £500m taxpayer-funded rescue package, with chancellor Rishi Sunak stating support would be given only as [...]
Virgin Atlantic to cut 3,150 jobs and quit Gatwick base May 5, 2020 Virgin Atlantic will cut a third of its workforce and cease its operations at Gatwick airport in a bid to survive the coronavirus crisis, the embattled airline announced today. The carrier, which will cut 3,150 of 10,000 strong workforce, is the latest airline to announce major job cuts after Ryanair and British Airways. In a [...]
Richard Branson hits out as Virgin Australia goes into administration April 21, 2020 Billionaire businessman Sir Richard Branson has hit out at the Australian government after low-cost airline Virgin Australia went into administration this morning. In an open letter, Branson, whose Virgin group owns 10 per cent of the airline, wrote: “In most countries federal governments have stepped in, in this unprecedented crisis for aviation, to help their [...]
Richard Branson warns Virgin Atlantic needs coronavirus loan to survive April 20, 2020 Virgin Atlantic owner Sir Richard Branson has warned that the beleaguered airline will need government financial support in order to survive the coronavirus crisis. In a blog post to Virgin employees, Branson said: “The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it. “We will [...]
Manchester Airport backs Virgin Atlantic bailout as airlines call for more support April 12, 2020 The boss of Manchester Airport has pleaded with the chancellor to save Virgin Atlantic from collapse as UK airlines urge the government to extend its support during the coronavirus crisis. Manchester Airports Group chief Charlie Cornish said Virgin was the biggest long-haul carrier at the airport, flying nearly 1m people a year to New York, [...]
Coronavirus: Aerospace giants lobby for Virgin Atlantic rescue deal April 1, 2020 Several members of the UK aviation sector are lobbying the government to support Virgin Atlantic with financial aid through the coronavirus crisis, Sky News reported today. Aerospace giants Airbus and Rolls-Royce have written separately to transport secretary Grant Shapps, as has UK’s biggest airport Heathrow, asking the government to “do all it can to support [...]