Sir Richard Branson’s Virgin Group is axing dozens of jobs at its London base as a part of an integration of two of his corporations
Sky Information has learnt that Virgin Group is to chop 8% of its 425-strong head workplace workforce after deciding to mix Virgin Administration, its model and licensing arm, and loyalty programme Virgin Crimson.
The redundancies come as Sir Richard prepares to obtain a windfall totalling greater than £400m from the potential sale of his minority stake in Virgin Cash.
Nationwide final week agreed a shock deal to purchase the excessive avenue financial institution for almost £3bn, with Virgin Group additionally reportedly set to obtain a £250m exit price when its model disappears from the mixed group.
Virgin-branded companies make use of roughly 60,000 individuals in 35 international locations world wide.
One supply mentioned the redundancies had been designed to take away “duplication and streamline operations”.
Some Virgin corporations, equivalent to Virgin Lodges Assortment and Virgin Administration, are wholly owned by Sir Richard and Virgin Group.
Others are based mostly on joint possession, together with Virgin Atlantic, which is 49%-owned by Delta Air Strains.
The US-based provider additionally owns 25% of Virgin Crimson.
A Virgin Group spokesperson mentioned: “We’ve got lately introduced some proposed adjustments to finish the mixing of two companies within the Virgin Group – Virgin Administration, our model and licensing firm and Virgin Crimson, our loyalty programme.
“We first began the mixing of those corporations greater than three years in the past and these adjustments are designed to streamline our operations and set us up for long-term progress.
“The adjustments will scale back our workforce by round 8% – or 32 roles – and we are going to do as a lot as we are able to to assist the workers impacted.”
