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Virgin and its partners must put in upfront, at-risk capital if the public purse strings are to be loosened
The announcement last October was stuffed with the manufactured excitement one expects from any venture touched by Sir Richard Branson’s Virgin brand. The “long-awaited” rebranding of Flybe as Virgin Connect would mark the start of the airline’s “journey into the future as part of the extended Virgin family” under a “tremendously re-energised team”.
Now comes a detour on that journey, a trip to two government business departments to ask for emergency financing. The airline, the departments for business and transport and Flybe’s shareholders, including Virgin Atlantic, would not comment on the reports but, since all parties would have a strong incentive to quash any untrue tale, one must assume high-stakes bargaining is at a critical point. Continue reading...