Arab Press

بالشعب و للشعب
Saturday, Jul 05, 2025

Branson-backed Virgin Voyages sets sail on quest for new funding

Branson-backed Virgin Voyages sets sail on quest for new funding

Virgin Voyages is seeking hundreds of millions of dollars in fresh capital just eight months after raising $550m from investors led by the world’s biggest asset manager.

Sir Richard Branson's cruise-line venture is seeking hundreds of millions of dollars in fresh funding even as the Virgin Group founder faces financial turbulence in other parts of his business empire.

Sky News has learnt that Virgin Voyages is in the early stages of plans to raise a substantial sum of money from new and existing investors.

Sources close to the situation said this weekend that it was too early to determine the scale of the prospective fundraising, or the mix of debt and equity it would involve.

The disclosure of Virgin Voyages' talks to secure new capital comes just days after Virgin Orbit, Sir Richard's commercial satellites business, said it would lay off the majority of its staff and cease operations after running out of money.

He injected $11m into the business this week to fund the redundancies of nearly 700 staff.

Its looming collapse is a blow to the tycoon as well as public market investors who backed Virgin Orbit's 2021 merger with a special purpose acquisition company listed in New York at a valuation of over $3bn.

Virgin Voyages also launched in 2021 - following a 15-month delay caused by COVID-19 - with its maiden journey from Portsmouth in August of that year.

It operates two cruise ships - the Scarlet Lady, which sails between the US and Caribbean, and the Valiant Lady.

A third vessel, the Resilient Lady, comes into operation next month, with a fourth, Brilliant Lady, due to be delivered later this year.

The company is 20%-owned by Sir Richard's Virgin Group, and like the entrepreneur's other ventures, was conceived with the intention of disrupting industries beset by an absence of innovation or focus ocustomer service.

During his decades in business, Sir Richard has funded forays into banking, space tourism, aviation, insurance, soft drinks and telecoms.

A number of those businesses, such as Virgin Money and Virgin Galactic, are listed in London and New York respectively.

Others, including Virgin Atlantic Airways, are privately held, with Sir Richard's holding company owning significant stakes.

The pandemic badly hurt Virgin's consumer and leisure-focused companies, prompting the tycoon at one point to warn that he may be forced to mortgage his Necker Island home.

Richard Branson, founder of Virgin Group


He has raised billions of dollars from the sale of shares in Virgin Galactic, using part of the proceeds to fund capital injections into Virgin Atlantic and Virgin Orbit.

Some of those share sales came during a period when he also sought emergency financial support from the government to shore up his airline business.

Virgin Voyages' latest talks about raising funding come just seven months after it secured $550m from investors led by funds managed by BlackRock, the world's largest asset manager.

"Despite the unprecedented challenges the cruise sector has faced in the past few years, the industry is exhibiting a powerful rebound," Brendan Galloway, director at BlackRock Global Credit said at the time.

"We are excited to invest in Virgin Voyages on behalf of our investors as we see a positive outlook and impressive growth on the horizon for the company."

Bain Capital, the private equity firm, and Virgin Group also participated in that round.

Its adult-only trips sail to 100 ports, including in Australia and New Zealand from later this year.

Among the accolades cited by Virgin Voyages during its first 18 months in operation are recognition on Condé Nast Traveler's 2022 Cruising 'Hot List', and being named best new cruise ship by Cruise Critic.

This year, the company says it has seen "exponential growth in bookings, including industry leading re-bookings, from customers".

A Virgin Voyages spokeswoman declined to comment on its funding discussions.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
×