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Branson to mortgage Necker Island for airline bailout

- seeking £500m loan from UK Gov't to save Virgin Atlantic airline from collapse
British billionaire and Virgin Islands Belonger, Sir Richard C. N. Branson has said he will mortgage Necker Island to raise money to save his Virgin Atlantic airline from collapse. Photo: VINO/File
Necker Island, a 30-hectare (74-acre) island in the [British] Virgin Islands just north of Virgin Gorda, is owned by Sir Richard C. N. Branson. Photo: VINO/File
Necker Island, a 30-hectare (74-acre) island in the [British] Virgin Islands just north of Virgin Gorda, is owned by Sir Richard C. N. Branson. Photo: VINO/File
Sir Richard C. N. Branson, 69, made the pledge to mortgage Necker Island as he tried to convince the United Kingdom (UK) government to give his airline, Virgin Atlantic, a £500m loan to help it through the ‘devastating impact’ of COVID-19. Photo: Simple Flying
Sir Richard C. N. Branson, 69, made the pledge to mortgage Necker Island as he tried to convince the United Kingdom (UK) government to give his airline, Virgin Atlantic, a £500m loan to help it through the ‘devastating impact’ of COVID-19. Photo: Simple Flying
NECKER ISLAND, VI- British billionaire and Virgin Islands Belonger, Sir Richard C. N. Branson has said he will mortgage Necker Island, located in the [British] Virgin Islands, to raise money to save his Virgin Atlantic airline from collapse.

According to The Guardian, Mr Branson, who is the United Kingdom’s seventh richest person, with an estimated £4.7bn fortune, and in the Virgin Islands for the last 14 years, promised in a public blogpost on Monday, April 20, 2020, that he would “raise as much money against the island as possible to save as many jobs as possible”.

£500m loan sought

Branson, 69, made the pledge as he tried to convince the United Kingdom (UK) government to give his airline a £500m loan to help it through the “devastating impact this pandemic continues to have”.

“The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it,” he said. “We will do everything we can to keep the airline going – but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for.”

Branson’s fresh plea for taxpayer support, according to The Guardian, comes after the UK government rejected Virgin Atlantic’s initial proposal for a £500m aid package. The Treasury rejected the proposal, and told Virgin to explore other ways to raise cash before seeking state assistance.

Not a handout

Branson said he was asking for a taxpayer loan, not a handout: “This would be in the form of a commercial loan – it wouldn’t be free money and the airline would pay it back.”

He dismissed the idea that he should consider tapping into his vast personal wealth rather seeking government support.

“I’ve seen lots of comments about my net worth – but that is calculated on the value of Virgin businesses around the world before this crisis, not sitting as cash in a bank account ready to withdraw,” he said.

Necker Island not offered as collateral on loans

The billionaire later confirmed that he is not offering Necker Island as collateral on loans from the UK taxpayer, but only as security against commercial loans.

“He and the team at Virgin Group will use the resources available to them which could even include raising money against Necker,” his spokesperson said. “He does not state that Necker Island would be used as collateral against any potential government support Virgin Atlantic may receive.”

Branson has pledged to inject $250m (£197m) into Virgin Group, his empire which stretches from planes and trains to health clubs and spaceships, and which employs about 70,000 people. The pledge – of which $100m is thought to be earmarked for the airline – is 5% of his fortune.

For love of the VI!

Branson is the 268th richest person in the world with an estimated $5.9bn paper fortune, according to the Bloomberg billionaires index. Branson founded Virgin Atlantic in 1984 and retains a 51% stake, alongside the US airline Delta with 49%.

According to The Guardia, on Monday, April 20, 2020, Mr Branson said he and his wife, Joan, “did not leave Britain for tax reasons but for our love of the beautiful British Virgin Islands and in particular Necker Island.

“Over time, we built our family home here. The rest of the island is run as a business, which employs 175 people. As with other Virgin assets, our team will raise as much money against the island as possible to save as many jobs as possible around the group.”

In February 2017, former US President Barack H. Obama and his wife Michelle visited Necker Island as guests of Mr Branson.

Mr Branson is also the owner of Moskito Island in the [British] Virgin Islands.

26 Responses to “Branson to mortgage Necker Island for airline bailout”

  • HMMM (20/04/2020, 19:36) Like (34) Dislike (13) Reply

    Who cares about this publicity stunt, meanwhile my neighbors can’t get food, I can’t help everyone, there’s kids suffering ! And y’all got time to post this @#$%& none sense, boss we got our own problems ain’t nobody should be concern about billionaires when our own people on this very island is suffering !!

    • Hrmph (20/04/2020, 19:41) Like (10) Dislike (5) Reply
      Unless one of the local
      Banks has $500 million to lend, it was a PR exercise because foreign banks can’t take a mortgage or any security without having a land holding license.
      I though he lived on Mosquito now, and that Nicker Island was just a hotel.
      • BVI lawyer (20/04/2020, 22:11) Like (8) Dislike (4) Reply
        Correct (unless they get a license). Better off mortgaging one of his other islands like the one off Queensland.
    • @strupes (21/04/2020, 00:36) Like (0) Dislike (0) Reply
      I agrees ..
  • question (20/04/2020, 19:37) Like (5) Dislike (8) Reply
    Can he do that without permission from BVI government? Do we want just any old person owning a private island in this Territory?
  • ? (20/04/2020, 19:54) Like (5) Dislike (14) Reply
    I thought mr man was loaded, he spends Investment Capital....he is from UK and all of the power brokers in this territory are from UK so he have the green light or will be given the green light; no questions asked because only the little West Indians must pay 7 cents from each dollar for money transactions in the territory; how much tax will our administrators collect from this transaction which is being done in our territory; only the small man feels it in BVI: back off the great whites sharks
  • Things are changing (20/04/2020, 20:39) Like (11) Dislike (11) Reply
    He should be ashamed of him self came here to live 14 years ago did not pay one penny income taxes in the UK and think that they will lend him money and he has businesses there the same thing with Australia they would not lend him anything but you know what he ain’t paying income taxes there and you know he ain’t paying any here also and the government is going to let him do what ever he wants and act as if he does not exist when it comes to taxing him but those who can’t even buy food they can charge you another 7% tax but all I can say is keep on praying because everyone who had is now loosing everything right in front our eyes what never happened in a million years is taking place in seconds
  • BVI interest (20/04/2020, 20:50) Like (11) Dislike (11) Reply
    He has a lot of BVIslanders hired....thats why its relevant..
    • @ BVI interest (21/04/2020, 07:27) Like (3) Dislike (6) Reply
      Yes !! BV Islanders are hired but doing what. If U are impress when our people sits at the foot of the table instead of sitting around the table making business development decisions something wrong with U.
      • Hotut (21/04/2020, 07:43) Like (2) Dislike (11) Reply
        You are right - we need a law that says that no BVIslander can be employed at a grade below manager.
        • wow (21/04/2020, 13:10) Like (6) Dislike (1) Reply
          You sound so stupid. Shouldn't they first have the experience or qualifications first. So any Tom, Dick or Harry could be employed. Sometimes ayo does just want to talk out ayo @$$ before thinking.
        • lmao (21/04/2020, 14:28) Like (0) Dislike (0) Reply
          Only time you might see a manager wielding a shovel....or, BVI falls apart since most people here are not BVIslanders,....or, ex-pats become managers and BVIslanders wield said shovel.
      • @aBVI interest (21/04/2020, 16:15) Like (1) Dislike (0) Reply
        Apparently he is intent on hiring the best for his companies. Successful business owners are funny that way.
    • To BVI Interest (21/04/2020, 08:23) Like (24) Dislike (1) Reply
      Where does he have a lot of BVIslanders hired? Name them.
      • tretretrete (21/04/2020, 20:50) Like (0) Dislike (0) Reply

        He only hires the children of w..... expats for jobs of any importance. We just get to be the domestic help.

  • lodger (21/04/2020, 07:34) Like (3) Dislike (2) Reply
    His businesses employ thousands around the world so it matters that they can keep trading.
  • ReX FeRal (21/04/2020, 07:44) Like (3) Dislike (1) Reply
    Why is this happening to a BILLIONAIRE?
  • no nonsense (21/04/2020, 08:40) Like (19) Dislike (5) Reply
    Who the "F" cares. Let him go to his hidden hands buddies like Gates, George Sorros!!
  • Well (21/04/2020, 08:52) Like (3) Dislike (4) Reply
    As long as he doesn" t wipe out all the donated items in FSN and his drug abusing children have to be tasered rcaking up free room and board at a cost of more than $ 35 thoisand a year and his scooter and his friends and pickney scooters are not terrorizing and when the fact that he lives here does not cast a negative but that he has contributed with giving dollars and initiatives and hires many of us....bring on Branson and all others like him. I shame to tell people that VI have certain people in droves from certain Caribbean Islands living here The VI is blessed to have residents who give and whiose presence add value.
  • Things are changing @ (21/04/2020, 13:11) Like (2) Dislike (0) Reply
    @ BVI interest ,he said that he moved to the BVI for the love of the country but is it because of all the technicalities that he can find in our laws not to pay taxes here so that he does not have to pay taxes ? Because the last time that I checked he is part owner of Virgin Atlantic and they fly to parts of the Caribbean and he lives in the British Virgin Islands and out tourism is suffering because we need a direct flight from Miami to the Bvi but we cannot get his company to do that for the country that he loves so much or is it because he would not make the money that he can charge his clients if they travel on his private jet . Just trying to find out look at our schools look at our country there are so many needs here how much did he donate and what about the treasure that was found on the island did the BVI that he loves so much benefit from it ?
  • are you kidding? (21/04/2020, 13:22) Like (1) Dislike (0) Reply
    While Mr. Branson is indeed a very nice chap, is this not the same chap that did not go ahead with plans to install wind and solar power on Necker as he could not convince a local construction company and supplier to do the job for FREE, as it would be good advertising for them??????
  • Me son (21/04/2020, 18:26) Like (2) Dislike (1) Reply
    This Branson thing makes no sense right now since last week I run out of food Branson bread butter on the two sides why now first thing first this is not d time for this period
  • Wonderful (21/04/2020, 19:42) Like (1) Dislike (1) Reply
    folks in his circles of friends enjoy certain benefits: what does richard do generally for this territory: how many scholarships?? how many schools he assist ?? Asking for a friend in the United Kingdom
    • same (23/04/2020, 09:58) Like (1) Dislike (0) Reply
      I would like to know the same thing @Wonderful because he so call loves this place so much and this news site love and does be quick to say that Branson is a Virgin Islands Belonger, as if they are so proud to say that he has status here like that does anything for the territory. What has he done for this territory except not pay taxes which the country can very well benefit from.


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