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Virgin Atlantic announces £25m investment
Virgin Atlantic has announced a £25 million investment package.
The airline says it could soon restore its London-New York services to their pre-September 11 levels, and it is considering increasing its Heathrow to New York flights from four a day to five.
The investment strategy also includes plans for new routes, and new destinations in the Virgin Holidays programme. The cash injection will also cover the completion of Virgin’s new hangar at Heathrow, and the expansion of Virgin Travelstore, the company’s travel website.
Commenting on the investment, Sir Richard Branson (pictured), chairman of Virgin Atlantic, said: “After September 11 we moved more quickly and decisively than our rivals to realign our business to the new demands of the market place. As a result both shareholders, Virgin and Singapore Airlines, have agreed, between them, to inject £25m of new investment into the airline. This will boost the efforts being made by the company to set aside funds for key projects and accelerate the return to growth and profitability.
Earlier this week, Virgin announced it was creating 300 new jobs in its first recruitment drive since September 11. The airline also refused to deny reports that chairman Sir Richard Branson may reduce his stake in the airline as part of a future flotation.
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