Slashed by the pandemic, Virgin Atlantic Airways plans to raise £160 million, according to a spokesman from Richard Branson’s airline.
The airway keeps boosting its financial status, she said, adding the most recent financing (£160 million) is a good support in 2021 as recovery is still slow-paced. Sale-leaseback of two Boeing 787s in the month of January has helped the company.
Sky News reported Branson’s Virgin Group will offer nearly £100 million and further £60 million would be provided later.
Last November, Virgin announced £1.2 billion rescue deal guaranteed the survival of the company despite unfavorable situation due to the Covid-19.
In 2020, the airline decided to reduce costs up to £335 million, said Shai Weiss CEO/Exec Dir at Virgin Atlantic Airways. The year also saw 4,650 job losses and fleet reduction.