Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures

Virgin Orbit Holdings

04/04/2023 13:03

April 4 (Reuters) - Richard Branson's Virgin Orbit
Holdings  VORB.O  filed for Chapter 11 bankruptcy on Tuesday
after the satellite launch company failed to secure long-term
funding following a January rocket failure.
    Despite the success of his telecoms and other ventures, the
billionaire has also suffered some high-profile ups and downs
with his businesses.
    Here are some examples:
    
    VIRGIN ATLANTIC
    The airline filed for bankruptcy protection in August 2020
hurt by the pandemic before emerging from the proceedings a year
later.
    
    VIRGIN AUSTRALIA
    Australia's second largest airline filed for bankruptcy in
April 2020 also battered by the pandemic before exiting
voluntary administration in November that year.
    
    VIRGIN ACTIVE
    The health club firm, in which Branson is still a
shareholder, was forced to restructure in the UK after the
pandemic hurt the business.  
    
    VIRGIN BRIDES
    Launched in 1996, this attempt to disrupt the wedding
industry fell flat on its face, according to the founder
himself.
    
    VIRGIN CARS
    Started in 2000, the Virgin brand's only foray into the
online auto retail business lasted five years.
    
    VIRGIN COLA
    Launched in 1994, the rights to the business were sold in
2007 after it struggled to compete with rival Coca-Cola's huge
marketing budget and influence on distributors. "Declaring a
soft drink war on Coke was madness," Branson said.   
    
    VIRGIN VODKA
    After a high-profile launch in the early 1990s, Virgin Vodka
was discontinued and Virgin Drinks closed in 2007. 
        
    VIRGINSTUDENT
    A community website launched in 2000 bore the hallmarks of
social media platforms which went on to rule the world but
closed five years later.

    (Source: Virgin websites and Reuters stories)
    


 (Reporting by Aby Jose Koilparambil and Yadarisa Shabong in
Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com; +919986528692;))