Virgin Atlantic | Leader rumoured to do the unthinkable to save company

Many businesses in the UK are feeling the financial squeeze of the coronavirus pandemic.

Some leaders have had to furlough staff due to business shutdowns and a lack of work, while others have cut employee and executive pay to free up cash and some staff have been laid off altogether.

An EY Item Club report said that the UK economy will take three years to recover from the upshot of the COVID-19 pandemic. In addition, the report warned that almost half of all consumer spending in 2020 is at risk of either being delayed or lost altogether, according to the Guardian. So, it is unsurprising that businesses are feeling the pinch with reduced consumer spending and activity.

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Virgin Group | How this leader is protecting his business

The effects of the coronavirus pandemic have already caused trading problems and an uncertain future companies including the British airline Virgin Atlantic. In an open letter penned by Virgin Groups’ Founder, Richard Branson, he stated that, without financial backing from the Government, the airline Virgin Atlantic would collapse. According to One Mile At a Time, Branson currently owns 51% of the airline, with the remaining 49% owned by Delta Air Lines. When it comes to a financial bailout, Delta has already stated that it isn’t in a position to provide further funding – and, according to the publication, they legally can’t own anymore of the airline.