Virgin Atlantic To List in London

The FT reports that Sir Richard Branson’s Virgin Atlantic Airways is planning to list in London in a bid to take advantage of investor expectations of a rapid recovery in international travel. 

The UK-based airline has been presenting to fund managers about a listing on the London Stock Exchange as early as autumn, according to a person familiar with the matter. The potential listing would mark the first time that Virgin Atlantic offers its shares to the public since its launch in 1984 and it would align the British airline with its publicly traded competitors such as British Airways owner IAG, American Airlines and Cathay Pacific. 

It comes as a recovery in both business and holiday travel gathers momentum. Bankers from Citi and Barclays have been appointed to lead the IPO, which was first reported by Sky News. Virgin Atlantic said “we’re not commenting on speculation”. 

 Branson would likely lose his status as majority shareholder, held through the British billionaire’s Virgin Group. The remaining 49 per cent of the company is owned by Delta Air Lines. 

Virgin Atlantic has shaped itself up to list after undergoing a sweeping restructuring over the past year. It has cut more than £300m in annual costs by slashing its headcount by almost half to 5,700 people, exiting Gatwick to consolidate its operations at other major airports and retiring its Boeing 747 jumbo jets. 

Bookings on its US-UK route have jumped 150 per cent since last Monday, when people travelling to England from the US and most European countries no longer had to quarantine if they had been fully vaccinated against coronavirus. The industry is hoping for another uplift if the Biden administration loosens travel restrictions for arrivals from the UK and Europe. 

As well as shaping the airline up for the post-pandemic take off in air travel, access to a larger pool of capital would help the airline to endure future shocks that may cause travel demand to plummet.

Tax Investigation Insurance

Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.

You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your Accountant (your tax return agent) to:

• Deal with any correspondence from HMRC
• Attend any meeting with HMRC
• Appeal to the First-tier Tribunal or Upper Tribunal
• Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.