Branson’s Virgin Atlantic programs London listing -Sky Information

Aug 7 (Reuters) – Britain-primarily based airline Virgin Atlantic [RIC:RIC:VA.UL] is planning to list on the London Stock Trade, Sky Information documented on Saturday.

Citing “City resources”, it explained the airline launched by Richard Branson has gained beneficial responses from institutional buyers about aninitial public supplying, with an autumn announcement likely.

It mentioned the move would just about absolutely see Branson relinquish overall management of the business enterprise.

It extra that Virgin Atlantic has hired Citi and Barclays to oversee the listing.

The airline is 51% owned by Branson’s Virgin Team and 49% by the U.S.’s Delta Air Strains Inc (DAL.N).

“We won’t be commenting on speculation,” reported a Virgin Atlantic spokesperson.

Like most airlines, the company has been hammered by the COVID-19 pandemic.

In April it claimed a 659 million pound ($914 million) pretax loss for 2020 after passenger quantities dropped 80%.

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Virgin Atlantic cut expenditures last 12 months, shedding 41% of its workforce and retiring some more mature plane early.

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Reporting by Juby Babu in Bengaluru and James Davey in London Enhancing by Kirsten Donovan and Christina Fincher

Our Requirements: The Thomson Reuters Trust Ideas.