Richard Branson feared ‘losing everything’ amid pandemic losses

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.

British businessman Richard Branson feared he would 'lose everything' over the pandemic

2

British businessman Richard Branson feared he would ‘lose everything’ over the pandemicCredit: AFP
Virgin Atlantic secured a £1.2billion private bailout

2

Virgin Atlantic secured a £1.2billion private bailoutCredit: EPA

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”.

Four cash-saving tips for gardening on a budget
I make extra £30k from my savvy side hustle & the money's only going up

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.

For all the latest Covid-19 News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.