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Tag: Virgin

Flybe rescued by Virgin in cut-price takeover deal

Flybe rescued by Virgin in cut-price takeover deal

Business
A takeover has been agreed of the troubled regional airline Flybe in a £2.2m deal by a consortium led by Richard Branson's Virgin Atlantic. The move, previously revealed by Sky News' Mark Kleinman, offers just 1p per share, significantly less than the company's closing price of 16.38p on Thursday.Shares were 90% down on market opening, reflecting the massive markdown in the value of the company.The consortium, which includes Stobart Group and Cyrus Capital Partners, will form a new airline group.Flybe will combine with Stobart Airways in a joint venture called Connect Airways.Cyrus will own 40% of the new company, while Virgin and Stobart will each take a 30% share.Under the deal, the three firms will also provide a £20m bridge loan to Flybe and £80m of furt...
Virgin Galactic reaches edge of space in historic flight

Virgin Galactic reaches edge of space in historic flight

Science
Dec. 13 (UPI) -- Virgin Galactic made history Thursday by flying to the edge of Earth's atmosphere, taking its boldest step yet in space tourism. The company's rocket-powered VSS Unity took off from its Mojave Air & Space Port early Thursday. Its SpaceShipTwo separated from the WhiteKnightTwo twin-fuselage carrier aircraft and reached a maximum altitude of 51.4 miles before returning to Earth. NASA recognizes the 50-mile mark as the edge of space. The test flight marked a major bounce back for Virgin Galactic, which saw pilot Michael Alsbury die and fellow pilot Peter Siebold injured four years ago when the VSS Enterprise broke apart in a failed test flight that put the entire project in jeopardy. "Incremental flight test programs are by definition open-ended and, to a great extent, each...
EE and Virgin Media fined £13.3m for overcharging customers

EE and Virgin Media fined £13.3m for overcharging customers

Technology
EE and Virgin Media have been fined £13.3m by Ofcom for leaving customers who quit broadband and phone contracts early "out of pocket".The regulator said about 400,000 EE customers who ended their contracts early were over-billed and paid up to £4.3m too much as a result.Ofcom said about 82,000 Virgin customers were overcharged by almost £2.8m. Virgin said it would appeal.Margot James, Digital Minister, said companies need "to play by the rules".Gaucho Rasmussen, director of investigations and enforcement at Ofcom, said: "EE and Virgin Media broke our rules by overcharging people who ended their contracts early. Those people were left out pocket and the charges amounted to millions of pounds."Fine 'not justified'The fine for Virgin Media...
Chris Evans to leave Radio 2 for Virgin Radio

Chris Evans to leave Radio 2 for Virgin Radio

Entertainment
Breakfast show host Chris Evans has announced he will leave Radio 2, and will present his last show in December. The Radio 2 presenter said he would be going to his "spiritual home" with a new show on Virgin Radio.He hosted the Virgin breakfast show from 1997 to 2001."In many ways Virgin Radio is my spiritual home," he said."I see nothing but exciting and groundbreaking opportunities ahead. In a medium that is changing so quickly on a daily basis, the potential for growth is unprecedented."Our plan is, to give it all we've got, see where we can get to and have the most possible fun along the way. It makes me smile every time I think about it."Evans has worked at Radio 2 for 13 years, and broke the news to listeners this morning on his show.Announcing it on the show he said ...
Virgin Money bought by CYBG for £1.7bn

Virgin Money bought by CYBG for £1.7bn

Business
The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.Under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.It will be the UK's sixth-largest bank, with about six million customers, but 1,500 jobs are likely to go.CYBG said it had agreed with Sir Richard Branson's Virgin Group to license the Virgin Money brand for £12m a year, rising to £15m later. Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business. Analysis: Kevin Peachey, BBC personal finance reporterNimbleness and the ability to attract customers through new technology have been seen as challenger banks' main attributes. Tha...