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Sir Richard does u-turn on Virgin Atlantic share sale
Sir Richard Branson has abandoned his plan to sell the majority of his stake in Virgin Atlantic to Air France-KLM.
In a blog post, Branson said he intended to hold on to his 51% share in the airline, which he founded 35 years ago.
The billionaire businessman had announced in 2017 that he would sell 31% of his shareholding to Air France-KLM as part of a £220 million deal, leaving him and his family with just 20%.
The sale was part of a plan to forge a three-way partnership between Virgin, US carrier Delta – which owns 49% of the airline – and Air France-KLM. The deal received approval from US regulators last month.
In his blog, Branson wrote: "To get the deal done, we initially thought our family would need to reduce its shareholding in Virgin Atlantic. I was willing to do so, reluctantly, to guarantee the long-term success of Virgin Atlantic."
However, he said that subject to contract, he had agreed with Delta and Air France-KLM that he and his family would retain their 51% share of Virgin Atlantic.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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