Tag Archives: Virgin Group

Virgin Voyages has secured $550 million in new capital to support its growth plans

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Scalet Lady

The new funding – which was led by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private Equity and Virgin Group – will enable the line to continue its growth strategy and further strengthen its financial position as demand “continues to gain momentum”. 

Tom McAlpin, chief executive of Virgin Voyages, said the company has created an “incredible project” that investors and consumers “truly believe in”.
 
“This additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” he added.
The investment comes as Virgin reports “exponential growth in bookings” in the last six months, with this year tipped to see a strong return across the industry as cruising heads toward pre-pandemic levels. 

According to research carried out by the line, 96% of consumers are keen to cruise this year following two years of restrictions. 

Virgin Voyages Announces Ship 3 Name and Itineraries

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Virgin Voyages today announced its third newbuild will carry the name Resilient Lady and will set sail from Athens, Greece, embarking on two, seven-night itineraries starting in July 2022.

“Sailing in the Med is such an extraordinary experience, and we’re so excited to bring the adventure of a Virgin Voyage to this beautiful place,” said Sir Richard Branson, Founder of Virgin Group. “I’m so proud of the incredible work the team has accomplished to introduce Resilient Lady.”

Further expanding on the brand’s presence in the Mediterranean, Resilient Lady will offer two European itineraries, including:

● Greek Isles Itinerary: Sailors can immerse themselves in Greek history and culture in Athens before island hopping to Santorini, Rhodes, Crete, and Mykonos. The Greek Isles itinerary will feature an overnight stay in Mykonos, offering Sailors a premier location and tender access to the picturesque promenade.

● Adriatic (with Greek Isles) Itinerary: Sailing out of Athens, Sailors will spend their second day at sea before docking in Dubrovnik the following morning. With a 2:00 a.m. departure from Dubrovnik, Sailors will be afforded plenty of time to experience the rich history of Croatia during the day and take part in the active nightlife along the Adriatic Sea before scenic sailing to Kotor, Corfu, and Argostoli.

“Welcoming Resilient Lady to our fleet and revealing these amazing itineraries sets the tone for the most memorable summer voyage,” said Tom McAlpin, CEO, and President of Virgin Voyages. “We know the time to travel is on the horizon, and Virgin Voyages is here so that we can keep dreaming of irresistible vacations ahead.”

Branson to sell $500m space venture stake to support Virgin Atlantic

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Richard Branson to sell up to $500m-worth of Virgin Galactic ...

Sir Richard Branson aims to shore up his airline and travel interests hit by the coronavirus global travel shutdown by selling $500 million in Virgin Galactic shares.

Virgin Group told the New York Stock Exchange it planned to sell 25 million shares in the space tourism venture in a series of transactions.

The company said: “Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of Covid-19.”

The freeze in global travel is affecting a host of Virgin Group companies, including Virgin Atlantic as well as its holidays, cruises and hotels businesses.

Virgin Atlantic last week announced it would cut 3,150 jobs, move it Gatwick operation to Heathrow and rebrand Virgin Holidays.

Chief executive Shai Weiss insisted at the weekend that he was “100% confident” the airline can survive the Covid-19 crisis.

The airline, in which founder Branson still holds a majority 51% stake, has been seeking emergency investment as well as some form of state aid while the majority of its fleet remains grounded.

About a dozen investment groups have been reported as showing interest in the UK long-haul carrier while talks continue with the Treasury and transport secretary Grant Shapps.

The airline was told last month that it needed to resubmit a £500 million bid for government state aid amid reports the Treasury had felt the carrier had nit exhausted other options.

Virgin Australia entered administration last month as the airline industry struggles to survive global travel restrictions imposed as a result of the Covid-19 pandemic.