Virgin tycoon Sir Richard Branson feared ‘losing everything’ amid £1.5billion loss during Covid pandemic

VIRGIN tycoon Sir Richard Branson said the pandemic cost his business empire £1.5billion and he feared he would “lose everything”.

The British entrepreneur, 72, also defended asking the Government for a Covid loan in 2020.

AFP

British businessman Richard Branson feared he would ‘lose everything’ over the pandemic[/caption]

EPA

Virgin Atlantic secured a £1.2billion private bailout[/caption]

Speaking to the BBC, he said: “We had 50, 60 planes all on the ground.

“The health clubs closed, the hotels closed. The worst (case) would have been 60,000 people out on the streets.”

Sir Richard, thought to be worth £4.2billion, said his value was tied up in assets, rather than accessible cash in banks.

He insisted that he was not looking for “gifts from Government, but underwriting loans”.

Virgin Atlantic eventually secured a £1.2billion private bailout.

Other businesses in the Virgin empire have come up against difficulties, with gym chain Virgin Active taking a hit during the pandemic, but raising £88 million from investors last year to help with its recovery.

Elsewhere in the BBC interview, Sir Richard said he gives the money he earns to charities. and defended his tax status, with his primary residence being on his Caribbean island meaning he does not have to pay some UK taxes.