Virgin Group

Virgin Group Limited is a London-based British multinational venture capital conglomerate. Richard Branson and Nik Powell started the company in February 1970. According to Companies House, it was officially incorporated as a holding company in 1989, but its actual business operations kicked off in the 1970s. By early 2023, the group’s net worth was estimated at £3 billion.

The Virgin brand got its start with Virgin Records, a recorded-music business launched by Branson and Powell in 1970. It began as a mail-order operation, then opened a physical store in 1971. The name was chosen because the founders saw themselves as business novices. The now-familiar logo, introduced in 1978, came from a napkin sketch by designer Ray Kyte after a meeting. (An earlier 1973 pictorial logo for the record label was done by Roger Dean.) Branson has called the “V” in the 1978 version an expressive tick, meant to symbolize the Virgin seal of approval.

The group’s headquarters are at Whitfield Studios in Soho, Westminster, a move made in November 2024. Before that, it was based at the Porchester Building in Tower Hamlets, the Battleship Building in Paddington, and The School House in Brook Green, Hammersmith and Fulham. Virgin Group’s corporate structure blends elements of a generic conglomerate and a keiretsu; sometimes it simply licenses its brand. For instance, Virgin Records and Virgin Media are owned by Universal Music Group and Liberty Global, respectively.

In mid-May 2013, the group announced plans to explore opportunities in Australia’s healthcare industry, building on its Australian fitness centers. It also runs over 100 NHS services in the UK and took over the healthcare division of Assura after entering the British healthcare market in 2011. On 4 December 2014, Virgin Group announced Virgin Voyages, a cruise line backed by Bain Capital, led by CEO Tom McAlpin, with two new large ships based in the Miami/Fort Lauderdale area.

Virgin StartUp is the group’s non-profit arm, helping UK entrepreneurs start, fund, and grow businesses. It became a delivery partner for the government’s Start Up Loans Company, offering loans of £500 to £25,000, advice, and mentoring. In 2016, it received European Regional Development Funding and launched “Ready, Steady, Grow with Virgin StartUp” for growth-ready startups. A year later, it introduced Crowdboost, the UK’s first equity-based crowdfunding accelerator.

In 2014, Branson and Virgin StartUp launched the “Foodpreneur” competition for food and drink startups. Winners got mentorship from Branson, legal support, and brand counseling. That year’s winners included Proper Beans, Killer Tomato, Sweetpea Pantry, and Sweet Virtues. In 2015, winners could pitch to Target Corporation buyers in the US; winners included Pip & Nut, Double Dutch Drinks, Harry Bromptons, Cauli Rice, and Mallow and Marsh. The 2017 prize went to just one startup, The Snaffling Pig Co., which won a six-week rental at intu Lakeside, the UK’s highest-foot-traffic shopping center.

Senior leadership includes Chairman Peter Norris (since 2009) and Chief Executive Josh Bayliss (since 2014). Former chairmen: Sir Richard Branson (1970–2009). Former chief executives: Sir Richard Branson (1970–2005), Stephen Murphy (2005–2011), and David Baxby and Josh Bayliss (2011–2014).

Subsidiaries and investments include formerly owned ventures such as Absolute Radio (formerly Virgin Radio UK, rebranded in 2008), Air Nigeria (launched as Virgin Nigeria, shares sold in 2010), Connect Airways (Flybe, 30% stake via Virgin Atlantic, entered administration in March 2020), Vintage Air Tours (operated only in 1992), Virgin Airship and Balloon Company, Liquid Comics (sold to management in 2008), Vie at Home (sold to management in 2009), Virgin America (sold to Alaska Air Group in December 2016), Virgin Brides, Virgin Care (sold to Twenty20 Capital and rebranded as HCRG Care Group in December 2021), Virgin Cars (ceased trading in 2005), Virgin Charter, Virgin Cinemas (sold to UGC in 1999), Virgin Digital Help, Virgin Drinks (including Virgin Cola, Virgin Vodka, and v-Mix), Virgin Electronics, Virgin Energy, Virgin Express (merged into Brussels Airlines in 2006), V Festival (UK, Australia, and North American versions), Virgin Films, Virgin Games (sold to Gamesys in 2013), Virgin Games Centre (rebranded as Future Zone in 1993), Virgin Green Fund (shut down in 2014), and Virgin Health Bank (sold).