British entrepreneur Richard Branson defended his Virgin empire’s request for government support during the coronavirus pandemic, telling the BBC in an interview to be aired Thursday that he feared he would “lose everything”.
“It (the pandemic) cost us a big percentage of our net worth, maybe £1.5 billion ($1.9 billion),” Branson said of his struggle to save his airline Virgin Atlantic during the pandemic.
“We have 50, 60 planes all on the ground at Heathrow and Gatwick, Sydney, Melbourne and Brisbane. And the health clubs all closed, the hotels all closed,” he added in excerpts released by the broadcaster.
“There was a time where it really looked like we were going to lose everything.”
The 72-year-old business mogul, believed to be worth around £4.2 billion, spoke of the “painful” backlash to his Virgin Group’s request to the UK government for a £500-million loan in April 2020, which was rejected.
“It’s pretty difficult to explain to people when everybody is hurting. What we were concerned to do is try to get support from government, not gifts from government but underwriting loans so the cost to the airline… was not prohibitive,” he said.
Branson also defended his tax status when asked why he chooses to live on Necker, his private Caribbean island.
“I live on Necker because it’s the most beautiful place in the world to live,” he said.
“We have paid billions and billions in taxes over the years, and will continue to do so, and our companies pay taxes in whichever country and whichever jurisdiction they’re based,” he added.
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