Richard Branson’s Virgin Orbit has announced it is ceasing operations months after rockets carrying the first satellites launched from the UK were lost.
The firm was founded in 2017 and in January this year, thousands gathered at Newquay Airport to cheer the Virgin Orbit Boeing 747 dubbed 'Cosmic Girl' into the night sky.
At first, the mission appeared to be a success as the firm announced the rocket, known as LauncherOne, had made orbit... only to later admit it had not.
Instead, its payload of US and UK intelligence satellites sank into the ocean.
Last month Virgin Orbit filed for bankruptcy protection and 85% of its workforce was laid off in March after failing to secure new investment.
It filed for Chapter 11 bankruptcy protection in the US in April, and the California-based company has now announced it is ceasing operation and will sell its assets to four winning bidders.
In a statement, the firm said: "[Our] legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry."
"As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years.”
Last week, Virgin Orbit received a $17million bid for its modified 747 carrier jet and other aircraft assets.
The group, which was listed in New York in 2021, struggled for profitability and was weighed down by its significant debt pile.
As of September, the company had debts of 153.5 million dollars (£123 million).
It comes days after it was revealed Sir Richard Branson’s wealth shrank by £1.79billion since last year, according to the Sunday Times Rich List 2023.
It marked a 40% drop in 12 months after Sir Richard said he feared he was going to lose his empire during the pandemic.
Sir Richard, founder of Virgin Group, and his family were now worth about £2.41billion, down from £4.2billion from the previous year.
It meant he now placed 77th on the list after ranking 44th richest in 2022.
In an interview with the BBC earlier this month, the British entrepreneur said Covid had "cost us a big percentage of our net worth" but gave a lower figure of around £1.5 billion
He said: “There was a time where it really looked like we were going to lose everything.”
