Virgin Group founder Sir Richard Branson has vowed to invest £215 million into his struggling business after coming under fire from swathes of the UK media for not doing more to help.
Last week, Virgin Atlantic, part of the group, asked staff to take eight weeks of unpaid leave.
However, this investment will be spread across the entire Virgin Group portfolio, which includes health clubs, travel agents, and telecommunications products.
The group employs 70,000 people as a whole, of which only 8,500 work directly for Virgin Atlantic.
The businessman made the pledge in a blog post in which he said his companies were in a “massive battle to survive”.
“We are supporting our people and our businesses in their fight for survival in numerous ways,” said Sir Richard.
“We are providing a quarter of billion dollars over the next weeks and months to protect them and save jobs – that is likely just the start.”
The Virgin founder called the COVID-19 outbreak the “most significant crisis the world has experienced” in his lifetime.
Although the statement did not refer back to criticisms levelled against the Virgin owner, it did suggest that the chances of securing economic recovery depend “critically upon governments around the world”.
Last week, politicians and the press attacked the British Virgin Group founder, estimated to be worth £11.2 billion, for not spending his personal fortune to help employees.
One Conservative MP even took Sir Richard to task in Parliament, while another, who had the coronavirus herself, said Virgin Atlantic’s decision not to help was “an absolute disgrace” on Twitter.
Peter Ritty
says:What did you expect. He is prob on a carribean island thinking how he can make more money off shore.