Virgin Orbit cuts 85% of workforce after failing to secure fresh funding

Decision raises fears that company founded by Sir Richard Branson may be on verge of collapse

Virgin Orbit, the satellite launch company founded by the billionaire Sir Richard Branson, is slashing 85% of its workforce after failing to secure fresh funding, raising fears that the firm may be on the brink of collapse.

The California-based company said in a US filing that about 675 staff would lose their jobs as part of efforts to cut costs, leaving about 100 employees to run what was left of the business. This was beca an “inability to secure meaningful funding”, the filing explained.