Lifestyle Business

Branson feared he would 'lose everything' during pandemic

Agence France-Presse

May 8, 2023 | 9:19am

Sir Richard Branson holds up a photo of comedian Stephen Colbert that he brought with him into space, as he speaks after flying into space aboard a Virgin Galactic vessel, a voyage he described as the "experience of a lifetime" -- and one he hopes will usher in an era of lucrative space tourism at Spaceport America, near Truth and Consequences, New Mexico on July 11, 2021. "Congratulations to all our wonderful team at Virgin Galactic for 17 years of hard, hard work to get us this far," he said during a live feed as the VSS Unity spaceship glided back to Spaceport America in New Mexico.It reached a peak altitude of around 53 miles (85 kilometers) -- beyond the boundary of space, according to the United States -- allowing the passengers to experience weightlessness and admire the Earth's curvature.The trip proceeded without drama, and touchdown occurred at around 9:40 am Mountain Time (1540 GMT), about an hour after take-off.

Patrick T. FALLON / AFP

LONDON, United Kingdom — British entrepreneur Richard Branson defended his Virgin empire's request for government support during the coronavirus pandemic, telling the BBC in an interview to be aired Thursday that he feared he would "lose everything".

"It (the pandemic) cost us a big percentage of our net worth, maybe £1.5 billion ($1.9 billion)," Branson said of his struggle to save his airline Virgin Atlantic during the pandemic.

"We have 50, 60 planes all on the ground at Heathrow and Gatwick, Sydney, Melbourne and Brisbane. And the health clubs all closed, the hotels all closed," he added in excerpts released by the broadcaster.

"There was a time where it really looked like we were going to lose everything."

The 72-year-old business mogul, believed to be worth around £4.2 billion, spoke of the "painful" backlash to his Virgin Group's request to the UK government for a £500-million loan in April 2020, which was rejected.

"It's pretty difficult to explain to people when everybody is hurting. What we were concerned to do is try to get support from government, not gifts from government but underwriting loans so the cost to the airline... was not prohibitive," he said.

Branson also defended his tax status when asked why he chooses to live on Necker, his private Caribbean island.

"I live on Necker because it's the most beautiful place in the world to live," he said.

"We have paid billions and billions in taxes over the years, and will continue to do so, and our companies pay taxes in whichever country and whichever jurisdiction they're based," he added.