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Virgin Atlantic fails to deny flotation reports
Virgin Atlantic has refused to deny reports that chairman Sir Richard Branson may reduce his stake in the airline as part of a future flotation.
It follows an article in the Financial Times which says that that there are plans to float eight companies in the Virgin empire – including Virgin Atlantic and low cost Australian airline Virgin Blue – in a bid to raise up to £2billion.
No secret has been made of the plan to float between 20-30% of Virgin Blue on the Australian stock exchange within the next two years. However changes at Virgin Atlantic had not been foreseen – it is only three years since Singapore Airlines paid £550m for a 49% stake in the airline.
A spokeswoman said: “It’s just a speculative piece that says that Virgin Atlantic could be floated in 2004 or 2005. It’s too far in the future to say, but there are no firm plans.”
Virgin Express is currently the only public company within the Virgin empire.
*Meanwhile Virgin Atlantic has announced that it is to create 300 new staff. It is the first time the airline has taken on staff since its restructure after the September 11 terrorist attacks which saw 1,200 jobs axed at the airline and a further 100 staff take unpaid leave.
Most of the new staff will be cabin crew, airports staff and reservation agents, mainly based in the UK. The airline said it planned to contact staff who took unpaid leave last year, with advertising for vacant positions starting this month.
See our previous stories:
12 Mar 2002: Virgin Blue sells 50% share to drive expansion
04 Mar 2002: Ansett’s final flight leads to price hike fears
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