Richard Branson’s Virgin Orbit pauses operations while it seeks extra funds
The IndependentSign up for our free Health Check email to receive exclusive analysis on the week in health Get our free Health Check email Get our free Health Check email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Richard Branson’s satellite launch firm Virgin Orbit has paused operations, the company said, amid reports that it is working to secure additional funding. In a statement, the company said: “Virgin Orbit is initiating a company-wide operational pause, effective March 16 2023, and anticipates providing an update on go-forward operations in the coming weeks.” The changes were announced on Wednesday but the company did not confirm reports that staff have been furloughed while it searches for a funding lifeline. A spokesperson said on Thursday: “On the ops side, our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test.” Councillor Louis Gardner, of Cornwall Council, who is in charge of the county’s economy, said: “It is clearly a difficult time for the Virgin Orbit team as they navigate the next stage of their company, and we will await further information from them as events unfold. “We remain the only licensed spaceport in the UK and our plan is to build on that position.” A UK Space Agency spokesperson said: “This is a commercial matter for Virgin Orbit, and we are engaging regularly with the company to understand the next steps.
History of this topic
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