Virgin Group
Virgin Group Limited[1] is a British multinational venture capital conglomerate founded by Richard Branson and Nik Powell in February 1970.
| Formerly |
|
|---|---|
| Company type | Private |
| Industry | Conglomerate |
| Founded | February 1970 |
| Founders | |
| Headquarters | , England |
Area served | Worldwide |
Key people | |
| Products | |
| Revenue | £16.6 billion (2019) |
| Owner | Richard Branson |
Number of employees | ≈71,000 |
| Website | virgin |
| Footnotes / references [2] | |
Virgin Group's date of incorporation is listed as 1989 by Companies House, who class it as a holding company; however Virgin's business and trading activities date back to the 1970s. The net worth of Virgin Group was estimated at £3 billion as of early 2023. [3]
History edit
The name "Virgin" arose in 1970 when Richard Branson and Nik Powell formed a record shop, first as mail order and in 1971 with a physical store.[4] They considered themselves virgins in business.[5] Branson has described the "V" in the logo as an expressive tick, representing the Virgin seal of approval.[5]
The original logo from 1973 was a completely different design intended to be used for the record company that was founded by Richard Branson and Nik Powell. The logo was designed by British science-fiction artist and designer Roger Dean. According to Richard Branson in interviews and on the Virgin website, the more recent signature logo, introduced in 1978, was based on one that designer Ray Kyte scribbled on a napkin after a design meeting.[6][7]
Corporate affairs edit
Virgin Group has its headquarters at The Battleship Building in the Paddington district of the City of Westminster.[8] Previously it was in The School House, Brook Green, in the London Borough of Hammersmith and Fulham.[9]
The Virgin Group of companies have a complex structure that contains elements of a generic conglomerate and a keiretsu, and sometimes it simply licences its brand. Examples of licensing are Virgin Records and Virgin Media, which are owned by Universal Music Group and Liberty Global respectively.[citation needed]
In mid-May 2013, the Virgin Group expressed its intention to seek out opportunities in Australia's healthcare industry to consolidate on the Group's Australian fitness centres. The Group also runs over 100 National Health Service (NHS) services in the United Kingdom and the healthcare division of medical services group Assura after entering the British healthcare industry in 2011.[10]
Virgin Group announced the establishment of Virgin Voyages on 4 December 2014 with financial backing from Bain Capital. The cruise line would be led by CEO Tom McAlpin, would have two new large ships built and be based in the Miami/Fort Lauderdale area.[11][12]
Virgin StartUp edit
Virgin StartUp is the Virgin Group's non-profit company, helping entrepreneurs across the UK to start, fund and scale their business. In 2013, Sir Richard visited Boxpark in Shoreditch, London, to launch the new organisation, revealing that he wanted to support anyone that had the same dreams and ambitions that he did as a young boy: “It was £300 from my mum that sparked the Virgin adventure 40 years ago. Today, young people need that same help and I believe Virgin StartUp will provide it – with access to early capital, strong mentorship, advice and promotion.”[13]
The organisation became a delivery partner for the UK Government's Start Up Loans Company,[14] providing loan finance of between £500 and £25,000, advice, and mentoring to thousands of start-ups across the country. In 2016, it was awarded European Regional Development Funding[15] and subsequently launched Ready, Steady, Grow with Virgin StartUp, a programme of support aimed at start-ups that were ready to grow. A year later, it launched the UK's first equity-based crowdfunding accelerator programme, Crowdboost.[16]
By 2018, the organisation had supported over 11,000 UK-based entrepreneurs, with over £35m in pre-seed funding.[citation needed]
Foodpreneur edit
In 2014, Branson and Virgin StartUp launched the "Foodpreneur" food and drink focused start-up competition. Winners received mentorship from Branson, legal support, and brand counseling.[17] The 2014 winners included Proper Beans, Killer Tomato, Sweetpea Pantry, and Sweet Virtues.
In 2015, winners were given the opportunity to pitch Target Corporation buyers in the US. The 2015 winners included Pip & Nut, Double Dutch Drinks, Harry Bromptons, Cauli Rice, and Mallow and Marsh.[18]
Only one start-up was announced winner of the 2017 Foodpreneur prize, The Snaffling Pig Co., who won a six-week rental space at Intu Lakeside, the retail center with the highest foot traffic in the U.K.[19]
Senior leadership edit
- Chairman: Peter Norris (since 2009)
- Chief Executive: Josh Bayliss (since 2014)
List of former chairmen edit
- Sir Richard Branson (1970–2009)
List of former chief executives edit
- Sir Richard Branson (1970–2005)
- Stephen Murphy (2005–2011)
- David Baxby and Josh Bayliss (2011–2014)
Subsidiaries and investments edit
| Company | Ownership percentage | Sector |
|---|---|---|
| Virgin Active | 20% | Health, gyms |
| Virgin Balloon Flights | Brand licensed to AirXcite Ltd | Entertainment, hot air balloons |
| Virgin Atlantic | 51% | Travel, airline |
| Virgin Atlantic Holidays | 51% | Travel, tour operator |
| Virgin Australia Holdings[20] | 5% | Travel, airline |
| Virgin Books | 10% | Publishing |
| Virgin Experience Days | Brand licensed to Inflexion Private Equity | Hospitality |
| Virgin Fibra | 33.3% | Broadband |
| Virgin Galactic | 11.9%[21] | Travel, aerospace |
| Virgin Gift Card | 100% | Retail |
| Virgin Hotels | 100% | Travel, hotels |
| Virgin Limited Edition | 100% | Travel, hotels |
| Virgin Media O2 | Brand licensed to VMED O2 UK Limited, a 50/50 joint venture between Liberty Global and Telefónica | Communications |
| Virgin Megastores | Brand licensed to Azadea Group, Megastores of Lebanon SAL and Retail Holding SA | Retail |
| Virgin Mobile | Brand licensed to numerous entities, operating Virgin-branded mobile virtual network operators | Communications |
| Virgin Money Australia | Brand licensed to Bank of Queensland [1] | Banking |
| Virgin Money UK | 13% [22] | Banking |
| Virgin Oceanic | Travel, undersea | |
| Virgin Plus | Brand licensed to Bell Canada [2] | Communications |
| Virgin Pulse | 25% | Business services |
| Virgin Pure | Partnership agreement with Strauss Group | Consumer goods |
| Virgin Radio | Brand licensed to numerous entities, operating Virgin-branded radio stations | Entertainment, radio |
| Virgin Rail Group | 51% | Travel, train |
| Virgin Music | Brand licensed to Universal Music Group | Music |
| Virgin Red | 100% | Loyalty program |
| Virgin Unite | 100% | Charity |
| Virgin Startup | 100% | Charity |
| Virgin Voyages | 49% | Travel, cruises |
| Virgin Wines | Brand licensed to Virgin Wine Online Ltd (UK) & Direct Wines (Australia) [3] | Retail, wine |
Formerly owned ventures edit
- Absolute Radio: formerly Virgin Radio UK, rebranded in 2008
- Air Nigeria: Nigerian national airline launched as Virgin Nigeria, shares sold in 2010
- Connect Airways (Flybe): 30% stake held through Virgin Atlantic.[23] Entered administration in March 2020.
- Virgin Airship and Balloon Company: Operating hot air balloons and airships for advertisers
- Liquid Comics: comic book producer formerly known as Virgin Comics—sold to management in 2008
- Vie at Home: cosmetics retailer formerly known as Virgin Vie, sold to management in 2009
- Virgin America: North American airline, sold to Alaska Air Group on 14 Dec 2016
- Virgin Brides: retailer specialising in bridal wear
- Virgin Care sold to Twenty20 Capital and rebranded as HCRG Care Group on 1 December 2021[24]
- Virgin Cars: online car retailer, ceased trading in 2005
- Virgin Charter: online marketplace of private aircraft seat bookings
- Virgin Cinemas: sold to UGC in 1999
- Virgin Digital Help: technical support
- Virgin Drinks: drink manufacturer
- Virgin Cola: carbonated cola soft drink
- Virgin Vodka: alcoholic beverage
- v-Mix: spirit mixers
- Virgin Electronics: electronics retailer
- Virgin Energy: joint venture energy provider
- Virgin Express: airline based in Brussels, merged with SN Brussels Airlines in 2006 to form Brussels Airlines
- V Festival: British music festival sponsored by the Virgin Group
- V Festival (Australia): an Australian version of the V Festival
- Virgin Festival: a North American version of the V Festival
- Virgin Films: film production company
- Virgin Games: sold to Gamesys in 2013
- Virgin Green Fund: shut down in 2014
- Virgin Health Bank: sold to Qatar Foundation
- Virgin Hyperloop: High Speed Rail Travel - Rebranded back to previous name ‘Hyperloop One’ [4], went bankrupt in january 2024.
- Virgin Interactive: Game Developer and publisher, bought by various companies, and renamed Avalon Interactive in 2003
- Virgin Limobike: Virgin Atlantic announced they will cut complimentary ground transfers for Upper Class passengers in February 2020 - Virgin Limobike has since rebranded to ‘Limobike’ [5]
- Virgin Limousines: a former limousine service that operated mostly in the US and Canada. It operated for 14 years, until November 2010.
- Virgin Media (including Virgin Mobile UK): UK Cable TV, broadband internet and Fixed and Mobile telephony provider—bought by Liberty Global
- Virgin Mobile Australia: mobile phone service provider in Australia—shares sold to Optus in 2006
- Virgin Mobile France: mobile phone service provider in France—shares sold to Numericable-SFR in 2014
- Virgin Mobile India: mobile phone service provider in India—shares sold to Tata Teleservices in 2015
- Virgin Mobile USA: mobile phone service provider in the USA—shares sold to Sprint Corporation in 2009, ceased operations in 2020.
- Virgin Money Australia: sold to Bank of Queensland
- Virgin Money US: sold in 2010
- Virgin One account: shareholding sold to co-owner (RBS) in 2003
- Virgin Orbit: aerospace - declared Chapter 11 bankruptcy on 4th April 2023
- Virgin Sports: Active lifestyle company - Sold to LimeLight Sports in September 2020 [6]
- Virgin Sun Airlines: scheduled and charter airline, closed in 2001
- Virgin Play: Spanish game distributor and publisher, filed for liquidation and closed in 2009
- Virgin Plus: (formerly Virgin Mobile Canada) mobile phone service provider in Canada—shares sold to joint venture partner Bell Mobility in 2009
- Virgin Snow, 1986 joint venture with Bladon Lines Ski Vacations[25]
- Virgin Trains ExpressCoach: former operator of inter-city bus & coach services (51%)
- Virgin CrossCountry: former operator of the Cross Country railway franchise in the United Kingdom, superseded by Arriva CrossCountry in 2007 (51%)
- Virgin EMI Records: soundtrack label—owned by Universal Music Group
- Virgin Records: American music soundtrack label
- Virgin Racing: Formula One motor racing team
- Virginware: clothing retailer
- Virgin Wines: online wine market, sold to Direct Wines in 2005
- Virgin Trains West Coast: train operating company on the West Coast Main Line. Renewed franchise bid unsuccessful, superseded by Avanti West Coast in December 2019 (51%)
- Virgin Trains East Coast: train operating company, supersed by London North Eastern Railway in June 2018 (10%)
- Virgin Trains USA: train operating company between Miami and West Palm Beach, Florida. Branding deal launched in late 2018, ended in 2020.
- Virgin Video (aka Virgin Vision): home video distributor, sold to Management Company Entertainment Group in 1989.[26]
- Virgin Vacations: Former USA based tour operator, closed on 31 March 2019
Controversies edit
The group's health business received significant media coverage over its legal battle with NHS groups. It sued clinical commissioning groups (CCGs) in Surrey after it lost out on an £82 million contract to provide children's health services across the country. The NHS bodies settled out of court with a £328,000 payout to Virgin Care, resulting in some controversy. More than 100,000 people backed a petition calling on the company to stop "dragging the NHS through the courts".[27][28]
References edit
- ^ a b "VIRGIN GROUP LIMITED overview - Find and update company information - GOV.UK". Companies House. 28 September 1993. Retrieved 21 August 2023.
- ^ "About us". Virgin.com. from the original on 26 December 2018. Retrieved 18 January 2015.
- ^ "Richard Branson". Forbes. Retrieved 1 May 2023.
- ^ "Our timeline". Virgin.com. from the original on 20 July 2021. Retrieved 20 July 2021.
- ^ a b Branson, Richard (1998). Losing My Virginity: The Autobiography. London: Virgin Books. ISBN 1852276843. OCLC 901482660.
- ^ "Extra: Richard Branson Full Interview". Freakonomics. from the original on 27 February 2018. Retrieved 27 February 2018.
- ^ ANash (15 August 2016). "The Virgin logo". from the original on 28 February 2018. Retrieved 27 February 2018.
- ^ "Our company information 31 December 2008 at the Wayback Machine". Virgin Group. Retrieved 14 October 2013. "The Battleship Building, 179 Harrow Road, London W2 6NB"
- ^ "Our company information 31 December 2008 at the Wayback Machine." Virgin Group. Retrieved 14 January 2009. "The School House 50 Brook Green London, W6 7RR England"
- ^ Kitney (20 May 2013). "Virgin Group eyes slice of Australia's $65bn healthcare market". The Australian. from the original on 20 May 2013. Retrieved 20 May 2013.
- ^ Sampson, Hannah (23 June 2015). "Virgin Cruises to base first 2,800-passenger ship in Miami". The Miami Herald. from the original on 24 June 2015. Retrieved 24 June 2015.
- ^ Stieghorst, Tom (4 December 2014). "Richard Branson to enter cruise business". USA Today. from the original on 26 June 2015. Retrieved 24 June 2015.
- ^ Murray-Morris, Sophie (6 November 2013). "Richard Branson launches Virgin StartUp at BoxPark Shoreditch". Hackney Post. from the original on 13 January 2020. Retrieved 3 August 2019.
- ^ "Virgin StartUp". Start Up Loans. from the original on 3 August 2019. Retrieved 3 August 2019.
- ^ "LIST of ERDF PROJECTS IN THE LONDON LEP AREA" (PDF). London Enterprise Panel. (PDF) from the original on 13 January 2020. Retrieved 3 August 2019.
- ^ "Virgin StartUps launches CrowdBoost, a crowdfunding acc". www.crowdcube.com. from the original on 3 August 2019. Retrieved 3 August 2019.
- ^ Platt, Ryan (22 September 2014). "Winners of Richard Branson's "Foodpreneur" competition announced". Startups.co.uk. from the original on 6 July 2018. Retrieved 5 June 2018.
- ^ Foster, Charlie (5 October 2015). "Richard Branson announces 2015 Foodpreneur Festival winners". Virgin. from the original on 6 July 2018. Retrieved 5 June 2018.
- ^ Clarkson, Natalie (26 July 2017). "Virgin StartUp and Intu have named The Snaffling Pig Co as the winners of Virgin Foodpreneur 2017". Virgin. from the original on 6 July 2018. Retrieved 5 June 2018.
- ^ "Richard Branson Sticks With Virgin Australia And Buys 5% Stake". simpleflying.com. 5 October 2020. from the original on 7 October 2020. Retrieved 5 October 2020.
- ^ Sheetz, Michael (15 April 2021). "Richard Branson sells over $150 million in Virgin Galactic stock". CNBC.
- ^ Kollewe, Julia; Jones, Rupert (18 June 2018). "Clydesdale and Yorkshire bank brands to go in takeover of Virgin Money". The Guardian. from the original on 23 October 2019. Retrieved 23 October 2019 – via www.theguardian.com.
- ^ Dyson, Molly (11 January 2019). "Virgin Atlantic and Stobart agree Flybe take-over". Buying Business Travel. from the original on 14 October 2019. Retrieved 28 October 2019.
- ^ "Introducing HCRG Care Group | Virgin".
- ^ Ski - Feb 1986 Page 16 4 April 2019 at the Wayback Machine "The program, called "Virgin Snow." is available in seven resorts this season, including Zermatt, Verbier, Val dTsere and St. Anton."
- ^ "THE MEDIA BUSINESS; Film Concern Is Being Sold". The New York Times. AP. 27 July 1989. ISSN 0362-4331. Retrieved 28 January 2022.
- ^ Dobinson, Isabel (8 December 2017). "Tens of thousands demand Virgin Care return £328,000 NHS payout". GetSurrey. from the original on 6 November 2019. Retrieved 6 November 2019.
- ^ "More than 100,000 demand Richard Branson 'stop dragging NHS through courts'". The Independent. 8 August 2018. from the original on 6 November 2019. Retrieved 6 November 2019.
External links edit
- Official website