Virgin Atlantic founder, Richard Brandon, begs U.K. govt for bail out fund

Richard Branson is seeking urgent offers for his stricken airline Virgin Atlantic.

The billionaire Virgin Group boss has asked the UK government for a commercial loan, believed to be around £500m and said his Necker Island home in the Caribbean could be used as collateral.

It comes as Virgin Group’s airline in Australia enters administration.

The airline had asked the Australian government for £710 million but the request was denied.

The airline, which serviced domestic as well as short-haul international destinations, was founded in 2000 by Sir Richard and was one of Australia’s main aviation providers.

In a letter to the airline’s staff, which he tweeted, Sir Richard said it “is not the end for Virgin Australia, but I believe a new beginning”.