Virgin Group Limited[1] is a British multinational venture capital conglomerate based in London, England, founded by Richard Branson and Nik Powell in February 1970. Virgin Group is recorded by Companies House as incorporated in 1989 and classified as a holding company, although its commercial activities began in the 1970s. The net worth of Virgin Group was estimated at £3 billion as of early 2023.[2]
History
The name "Virgin" arose in 1970 when Richard Branson and Nik Powell formed a record shop, first as mail order and in 1971 with a physical store.[3] They considered themselves virgins in business.[4] Branson has described the "V" in the logo as an expressive tick, representing the Virgin seal of approval.[4]
The original logo from 1973 was a completely different design intended to be used for the record company that was founded by Richard Branson and Nik Powell. The logo was designed by British science-fiction artist and designer Roger Dean. According to Richard Branson in interviews and on the Virgin website, the more recent signature logo, introduced in 1978, was based on one that designer Ray Kyte scribbled on a napkin after a design meeting.[5][6]
Corporate affairs
Virgin Group has its headquarters in Whitfield Studios in Soho, a district of the City of Westminster. The group moved to this location in November 2024; the space is renowned for its music history as a creative hub for musical legends such as the Rolling Stones, Madonna, Spice Girls & Amy Winehouse.
Whitfield Studios also houses the head offices for other Virgin Group owned companies, such as Virgin Red, Virgin Unite, Virgin StartUp, Virgin Limited Edition & Big Change.
Previously, the Virgin Group were based at the Porchester Building in the London Borough of Tower Hamlets, The Battleship Building in Paddington, a district of the City of Westminster and at The School House in Brook Green, in the London Borough of Hammersmith and Fulham.[7][8]
The Virgin Group of companies have a complex structure that contains elements of a generic conglomerate and a keiretsu, and sometimes it simply licences its brand. Examples of licensing are Virgin Records and Virgin Media
Senior leadership
- Chairman: Peter Norris (since 2009)
- Chief Executive: Josh Bayliss (since 2014)
List of former chairmen
- 1) Sir Richard Branson (1970–2009)
List of former chief executives
- 1) Sir Richard Branson (1970–2005)
- 2) Stephen Murphy (2005–2011)
- 3) David Baxby and Josh Bayliss (2011–2014)
Subsidiaries and investments
Formerly owned ventures
- Absolute Radio: formerly Virgin Radio UK, rebranded in 2008
- Air Nigeria: Nigerian national airline launched as Virgin Nigeria, shares sold in 2010
- Connect Airways (Flybe): 30% stake held through Virgin Atlantic.[24] Entered administration in March 2020.
- Virgin Airship and Balloon Company: Operating hot air balloons and airships for advertisers
- Liquid Comics: comic book producer formerly known as Virgin Comics—sold to management in 2008
- Vie at Home: cosmetics retailer formerly known as Virgin Vie, sold to management in 2009
Controversies
The group's health business received significant media coverage over its legal battle with NHS groups. It sued clinical commissioning groups (CCGs) in Surrey after it lost out on an £82 million contract to provide children's health services across the country. The NHS bodies settled out of court with a £328,000 payout to Virgin Care, resulting in some controversy. More than 100,000 people backed a petition calling on the company to stop "dragging the NHS through the courts".[31][32]
External links
References
- Virgin Group Limited overview - Find and update company information - Gov.uk Companies House, 1993-09-28, retrieved 2025-05-06^
- Richard Branson Forbes, retrieved 1 May 2023^
- Our timeline Virgin.com, retrieved 20 July 2021^