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British multinational conglomerate From Wikipedia, the free encyclopedia
Virgin Group[1] is a British multinational venture capital conglomerate founded by Richard Branson and Nik Powell in February 1970.
| |
| Company type | Private |
|---|---|
| Industry | Conglomerate |
| Founded | February 1970 |
| Founders | |
| Headquarters | , United Kingdom |
Area served | Worldwide |
Key people | |
| Products | |
| Revenue |  £16.6 billion (2019) |
| Owner | Richard Branson |
Number of employees | ~71,000 |
| Website | virgin |
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 £3 billion as of early 2023.[2]
The name "Virgin" arose in 1970 when Richard Branson and Nik Powell formed a record shop, first as mail order and in 1971 with a physical store.[3] They considered themselves virgins in business.[4] Branson has described the "V" in the logo as an expressive tick, representing the Virgin seal of approval.[4]
The original logo from 1973 was a completely different design intended to be used for the record company that was founded by Richard Branson and Nik Powell. The logo was designed by British science-fiction artist and designer Roger Dean. According to Richard Branson in interviews and on the Virgin website, the more recent signature logo, introduced in 1978, was based on one that designer Ray Kyte scribbled on a napkin after a design meeting.[5][6]
Virgin Group has its headquarters in Whitfield Studios in Soho, a district of the City of Westminster. The group moved to this location in November 2024, the space is renowned for its music history as a creative hub for musical legends such as the Rolling Stones, Madonna, Spice Girls & Amy Winehouse.
Whitfield Studios also houses the head offices for other Virgin Group owned companies, such as Virgin Red, Virgin Unite, Virgin StartUp, Virgin Limited Edition & Big Change.
Previously, the Virgin Group were based at the Porchester Building in the London Borough of Tower Hamlets, The Battleship Building in Paddington, a district of the City of Westminster and at The School House in Brook Green, in the London Borough of Hammersmith and Fulham.[7][8]
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.[citation needed]
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 (NHS) services in the United Kingdom and the healthcare division of medical services group Assura after entering the British healthcare industry in 2011.[9]
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.[10][11]
Virgin StartUp is the Virgin Group's non-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.”[12]
The organisation became a delivery partner for the UK Government's Start Up Loans Company,[13] 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[14] 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.[15]
By 2018, the organisation had supported over 11,000 UK-based entrepreneurs, with over £35m in pre-seed funding.[citation needed]
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.[16] 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.[17]
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.[18]
| Company | Ownership percentage | Sector |
|---|---|---|
| Virgin Active | 20% | Health, gyms |
| Virgin Atlantic | 51% | Travel, airline |
| Virgin Atlantic Holidays | 51% | Travel, tour operator |
| Virgin Australia Holdings[citation needed] | 5% | Travel, airline |
| Virgin Balloon Flights | Brand licensed to AirXcite Ltd | Entertainment, hot air balloons |
| Virgin Bet | 100% | Online bookmaker |
| Virgin Books | 10% | Publishing |
| Virgin Casino | Brand licensed to Gamesys Operations Limited | Online casino |
| Virgin Experience Days | Brand licensed to Inflexion Private Equity | Hospitality |
| Virgin Experience Gifts | Brand Licensed to Virgin Experience Gifts Ltd. | Hospitality |
| Virgin Fibra | 33.3% | Broadband |
| Virgin Galactic | 11.9%[19] | Travel, aerospace |
| Virgin Games | Brand licensed to Gamesys Operations Limited | Online casino |
| Virgin Gift Card | 100% | Retail |
| Virgin Hotels | 100% | Travel, hotels |
| Virgin Limited Edition | 100% | Travel, hotels |
| Virgin Media O2 | Brand licensed to VMED O2 UK Limited, a 50/50 joint venture between Liberty Global and Telefónica | Communications |
| Virgin Megastores | Brand licensed to Azadea Group, Megastores of Lebanon SAL and Retail Holding SA | Retail |
| Virgin Mobile | Brand licensed to numerous entities, operating Virgin-branded mobile virtual network operators | Communications |
| Virgin Money Australia | Brand licensed to Bank of Queensland[20] | Banking |
| Virgin Money UK | Brand licensed to Nationwide Building Society[21] | Banking |
| Virgin Music | Brand licensed to Universal Music Group | Music |
| Virgin Plus | Brand licensed to Bell Canada[22] | Communications |
| Virgin Pulse | 25% | Business services |
| Virgin Pure | Partnership agreement with Strauss Group | Consumer goods |
| Virgin Radio | Brand licensed to numerous entities, operating Virgin-branded radio stations | Entertainment, radio |
| Virgin Rail Group | 51% | Travel, train |
| Virgin Records | Brand licensed to Universal Music Group | Music |
| Virgin Red | 100% | Loyalty program |
| Virgin Unite | 100% | Charity |
| Virgin Startup | 100% | Charity |
| Virgin Telco | 100% | Communications |
| Virgin Trains Ticketing | 100% | Ticket retailer, trains |
| Virgin Voyages | 49% | Travel, cruises |
| Virgin Wines | Brand licensed to Virgin Wine Online Ltd (UK) & Direct Wines (Australia) [23] | Retail, wine |
The group's health business received significant media coverage over its legal battle with NHS groups. It sued clinical commissioning groups (CCGs) 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".[31][32]
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