Virgin Group Limited is a British multinational venture capital conglomerate based in London, England, founded by Richard Branson and Nik Powell in February 1970.
Virgin Group is recorded by Companies House as incorporated in 1989 and classified as a holding company, although its commercial activities began in the 1970s. The net worth of Virgin Group was estimated at £3 billion as of early 2023.
History
The Virgin brand's early history is that of Virgin Records, founded in 1970 by Richard Branson and Nik Powell as a recorded-music retailer, first via mail order and in 1971 with a physical store. The name reflected their status as metaphorical virgins in business.
According to Branson, the signature-style logo, introduced in 1978, was based on one that designer Ray Kyte scribbled on a napkin after a design meeting. (An unrelated 1973 pictorial logo for the Virgin record label was designed by Roger Dean.) Branson has described the "V" in the 1978 logo as an expressive tick, representing the Virgin seal of approval.
Corporate affairs
Virgin Group has its headquarters in Whitfield Studios in Soho, a district of the City of Westminster. The group moved to this location in November 2024; the space is renowned for its music history as a creative hub for musical legends such as the Rolling Stones, Madonna, Spice Girls & Amy Winehouse.
Whitfield Studios also houses the head offices for other Virgin Group owned companies, such as Virgin Red, Virgin Unite, Virgin StartUp, Virgin Limited Edition & Big Change.
Previously, the Virgin Group were based at the Porchester Building in the London Borough of Tower Hamlets, The Battleship Building in Paddington, a district of the City of Westminster and at The School House in Brook Green, in the London Borough of Hammersmith and Fulham.
The Virgin Group of companies have a complex structure that contains elements of a generic conglomerate and a keiretsu, and sometimes it simply licences its brand. Examples of licensing are Virgin Records and Virgin Media, which are owned by Universal Music Group and Liberty Global respectively.
In mid-May 2013, the Virgin Group expressed its intention to seek out opportunities in Australia's healthcare industry to consolidate on the Group's Australian fitness centres. The Group also runs over 100 National Health Service (NHS) services in the United Kingdom and the healthcare division of medical services group Assura after entering the British healthcare industry in 2011.
Virgin Group announced the establishment of Virgin Voyages on 4 December 2014 with financial backing from Bain Capital. The cruise line would be led by CEO Tom McAlpin, would have two new large ships built and be based in the Miami/Fort Lauderdale area.
Virgin StartUp
Virgin StartUp is the Virgin Group's non-profit company, helping entrepreneurs across the UK to start, fund and scale their business. In 2013, Branson visited Boxpark in Shoreditch, London, to launch the new organisation, revealing that he wanted to support anyone that had the same dreams and ambitions that he did as a young boy: “It was £300 from my mum that sparked the Virgin adventure 40 years ago. Today, young people need that same help and I believe Virgin StartUp will provide it – with access to early capital, strong mentorship, advice and promotion.”
The organisation became a delivery partner for the UK Government's Start Up Loans Company, providing loan finance of between £500 and £25,000, advice, and mentoring to thousands of start-ups across the country. In 2016, it was awarded European Regional Development Funding and subsequently launched Ready, Steady, Grow with Virgin StartUp, a programme of support aimed at start-ups that were ready to grow. A year later, it launched the UK's first equity-based crowdfunding accelerator programme, Crowdboost.
By 2018, the organisation had supported over 11,000 UK-based entrepreneurs, with over £35m in pre-seed funding.
Foodpreneur
In 2014, Branson and Virgin StartUp launched the "Foodpreneur" food and drink focused start-up competition. Winners received mentorship from Branson, legal support, and brand counseling. The 2014 winners included Proper Beans, Killer Tomato, Sweetpea Pantry, and Sweet Virtues.
In 2015, winners were given the opportunity to pitch Target Corporation buyers in the US. The 2015 winners included Pip & Nut, Double Dutch Drinks, Harry Bromptons, Cauli Rice, and Mallow and Marsh.
Only one start-up was announced winner of the 2017 Foodpreneur prize, The Snaffling Pig Co., who won a six-week rental space at intu Lakeside, the shopping centre with the highest foot traffic in the U.K.
Senior leadership
Chairman: Peter Norris (since 2009)
Chief Executive: Josh Bayliss (since 2014)
List of former chairmen
Sir Richard Branson (1970–2009)
List of former chief executives
Sir Richard Branson (1970–2005)
Stephen Murphy (2005–2011)
David Baxby and Josh Bayliss (2011–2014)
Subsidiaries and investments
Formerly owned ventures
Controversies
In 2017, Virgin Care received significant media coverage for suing clinical commissioning groups in Surrey after it lost out on an £82 million National Health Service (NHS) contract to provide children's health services across the country. The NHS bodies settled out of court with a £328,000 payout. More than 100,000 people backed a petition calling on the company to stop "dragging the NHS through the courts". Virgin Care was sold in 2021 and rebranded HCRG Care.