Virgin Group


Virgin Group Ltd. is a British multinational venture capital conglomerate founded by entrepreneurs Sir Richard Branson and Nik Powell.
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 £5–5.5 billion as of November 2014.

History

The brand name "Virgin" arose when Richard Branson and Nik Powell formed a record shop. They considered themselves virgins in business. Branson has described the "V" in the logo as an expressive tick, representing the Virgin seal of approval.
The original logo was a completely different design intended to be used for the record company that was founded by Richard Branson and Nik Powell. According to Richard Branson in interviews and on the Virgin website, the more recent signature logo was based on one that a designer scribbled on a napkin after a design meeting. After signing the Sex Pistols to the label it was clear that there would need to be a rethink on the design.

Corporate affairs

Virgin Group has its headquarters at The Battleship Building in the Paddington district of the City of Westminster. Previously it was in The School House, Brook Green, in the London Borough of Hammersmith and Fulham.
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.
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 services in the United Kingdom and the healthcare division of medical services group Assura after entering the British healthcare industry in 2011.
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.

Virgin StartUp

Virgin StartUp is the Virgin Group's not-for-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.”
The organisation became a delivery partner for the UK Government's Start Up Loans Company, 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 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.
By 2018, the organisation had supported over 11,000 UK-based entrepreneurs, with over £35m in pre-seed funding.

Foodpreneur

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. 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.
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.

Subsidiaries and investments

CompanyOwnershipSector
Connect Airways 30% Travel, Airline
Virgin Active20%Health, Gym Chain
Virgin Balloon Flights100%Hot air balloons
Virgin Atlantic51%Travel, Airline
Virgin Australia Holdings10%Travel, Airline
Virgin Books10%Publishing
Virgin Care100%Health
Virgin Experience Days80%Hospitality
Virgin Galactic33%Travel, Aerospace
Virgin Holidays51%Travel, Tour Operator
Virgin Hotels100%Travel, Hotel Chain
Virgin Hyperloop OneTravel, High-speed rail
Virgin Limited Edition100%Travel, Hotel Chain
Virgin Limobike100%Travel, Motorbike Taxi
Virgin MediaBrand licensed to Liberty GlobalCommunications
Virgin Megastores100%Retail
Virgin Mobile100%Communications
Virgin Money UK13%Banking
Virgin OceanicTravel, Undersea
Virgin Orbit33%Aerospace
Virgin Pulse100%Business Services
Virgin Racing100%Motorsport
Virgin Radio100%Entertainment, Radio
Virgin Rail Group51%Travel, Trains
Virgin Sports1%Sports
Virgin Trains USATravel, Trains
Virgin Unite100%Charity
Virgin Startup100%Charity
Virgin Vacations100%Travel, Tour Operator
Virgin Voucher100%Retail
Virgin Voyages49%Travel, Cruise line

Formerly owned ventures

The parent company, Virgin Group Holdings Ltd, is registered in the British Virgin Islands. Richard Branson and his family hold a £2.7 billion stake in this offshore, tax-free, tax haven company.
The group's health business received significant media coverage over its legal battle with NHS groups. It sued clinical commissioning groups 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".
In 2019, it was discovered that cell phones being sold by Virgin subsidiary company Assurance Wireless came with unremovable Chinese malware preinstalled.