Sir Richard Branson has injected £11 million into Virgin Orbit as the troubled rocket launch company seeks a last-minute buyer after laying off 85 per cent of its staff.
The satellite launch company said it has ceased operations and will cut about 675 jobs after failing to raise outside funding.
The company had said that the remaining staff will work to wind down the business.
However, chief executive Dan Hart is doing his utmost to secure a bailout deal, the Financial timeswith Mr. Branson’s cash injection expected to cover most of the severance payments.
It follows the high-profile launch failure from Cornwall in January, which led to a share price collapse.
Virgin Orbit temporarily suspended operations earlier this month pending additional capital.
The company is part of Branson’s empire, which includes airline Virgin Atlantic and aerospace company Virgin Galactic. — has not made a profit as a listed company.
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