Virgin Atlantic boss, Sir Richard Branson has warned that his Virgin Atlantic airline needs support from the British Government in order that they survive.
The Virgin Group boss said tha the was not asking for any hand-out, but was looking for more in the way of a loan – which is said to be in the region of £500 million.
In an open letter to his staff, Sir Richard said: “Many of the airlines around the world are in need – and are looking for – their respective government’s support and many of them have received it”.
The plea from Branson came just as Virgin Atlantic, the second largest airline in the UK – face going into administration with aid.
Further developments revealed that Sir Richard pledged his luxury island resort in the Caribbean, as collateral to get a UK government bailout of his stricken airline.
In an open letter to staff, the billionaire Virgin Group boss made it clear that it was a commercial loan that he was looking for.
With the survival of his airline in doubt, he said, as well as his Necker Island home, they both could be mortgaged.
This has come at a crucial time for the Virgin Group as its airline in Australia is facing administration.
