Richard Branson

Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate who co-founded the Virgin Group in 1970, and, as of 2016, controlled five companies.

Branson expressed his desire to become an entrepreneur at a young age. His first business venture, at the age of 16, was a magazine called Student. In 1970, he set up a mail-order record business. He opened a chain of record stores, Virgin Records—later known as Virgin Megastores—in 1972. His Virgin brand grew rapidly during the 1980s, as he started the Virgin Atlantic airline and expanded the Virgin Records music label. In 1997 he founded the Virgin Rail Group to bid for passenger rail franchises during the privatisation of British Rail. The Virgin Trains brand operated the InterCity West Coast franchise from 1997 to 2019, the InterCity CrossCountry franchise from 1997 to 2007 and the InterCity East Coast franchise from 2015 to 2018. In 2004, he founded the space tourism company Virgin Galactic, based at Mojave Air and Space Port in California, United States, noted for the SpaceShipTwo suborbital spaceplane.

In March 2000, Branson was knighted for "services to entrepreneurship". Due to his work in retail, music and transport, his taste for adventure and for his humanitarian work, he has become a prominent global figure. In 2007 he was named one of the 100 Most Influential People in the World by Time magazine. In June 2023, Forbes magazine listed Branson's estimated net worth at US$3 billion.

Early life

Richard Charles Nicholas Branson was born on 18 July 1950 in Blackheath, Royal Borough of Greenwich, London, the son of Edward James Branson (1918–2011), a barrister, and his wife, Evette Huntley Branson (née Flindt; 1924–2021), a ballet dancer and air hostess. He has two younger sisters, Lindy and Vanessa. His paternal grandfather, Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor.

Branson's great-great-great-grandfather John Edward Branson left England for India in 1793; John Edward's father, Harry Wilkins Branson, later joined his son in Madras. Starting from 1793, four generations of Branson's family lived in India, mostly at Cuddalore, in modern-day Tamil Nadu. On the television series Finding Your Roots Branson was shown to have 3.9% South Asian (Indian) DNA, likely through intermarriage. He later said that one of his great-great-great-grandmothers was an Indian named Ariya.

Branson was educated at Scaitcliffe School, a preparatory school in Surrey, before briefly attending Cliff View House School in Sussex. He attended Stowe School, a public school in Buckinghamshire until the age of sixteen.

Branson has dyslexia, and had poor academic performance; on his last day at school, his headmaster, Robert Drayson, told him he would either end up in prison or become a millionaire. Branson has also talked openly about having ADHD. Branson's parents were supportive of his endeavours from an early age. His mother was an entrepreneur; one of her most successful ventures was building and selling wooden tissue boxes and wastepaper bins. In London, he started off squatting from 1967 to 1968.

Branson is an atheist. He said in an interview in 2011 with Piers Morgan that evolution is a demonstrable fact and he believes in the importance of humanitarian efforts, not in the existence of God: "I would love to believe", he said. "It's very comforting to believe".

Early business career

After failed attempts to grow and sell both Christmas trees and budgerigars, Branson launched a magazine named Student in 1966 with Nik Powell. The first issue of Student appeared in January 1968, and a year later, Branson's net worth was estimated at £50,000 (equivalent to £1,040,000 in 2023). The office for the venture was situated in the crypt of St John's Church, off Bayswater Road, in London. Though not initially as successful as he hoped, the magazine later became a vital component of the mail-order record business Branson started from the same church he used for Student. Branson used the magazine to advertise popular albums, driving his record sales. He interviewed several prominent personalities of the late 1960s for the magazine including Mick Jagger and R. D. Laing. Branson took over full direction of Student after successfully lying to Powell that the workers at the magazine opposed Powell's plans to turn the magazine into a co-operative.

His business sold records for considerably less than the "High Street" outlets, especially the chain WHSmith. Branson once said, "There is no point in starting your own business unless you do it out of a sense of frustration." At the time many products were sold under restrictive marketing agreements that limited discounting, despite efforts in the 1950s and 1960s to limit retail price maintenance.

Branson eventually started a record shop in Oxford Street in London. In 1971 he was questioned in connection with the selling of records declared export stock. The matter was never brought before a court because Branson agreed to repay any unpaid purchase tax of 33% and a £70,000 fine. His parents re-mortgaged the family home to help to pay the settlement.

Virgin

1972–1980: Founding of Virgin Records

In 1972, using money earned from his record store, Branson launched the record label Virgin Records with Powell. The name "Virgin" was suggested by one of Branson's early employees because they were all new at business. Branson bought a country estate north of Oxford in which he installed a residential recording studio, The Manor Studio. He leased studio time to fledgling artists, including the multi-instrumentalist Mike Oldfield, whose debut album, Tubular Bells (1973), was the first release for Virgin Records and became a chart-topping best-seller.

Virgin signed controversial bands such as the Sex Pistols, which other companies were reluctant to sign. Virgin Records would go on to sign other artists including the Rolling Stones, Peter Gabriel, XTC, Japan, UB40, Steve Winwood and Paula Abdul, and to become the world's largest independent record label. It also won praise for exposing the public to such lesser known avant-garde music as that of the German bands Faust and Can. Virgin Records also introduced Culture Club to the music world.

Branson's net worth was estimated at £5 million by 1979, and a year later, Virgin Records went international.

1981–1987: Package holiday industries, compilation albums, and Virgin Atlantic

Branson's first successful entry into the airline industry was during a trip to Puerto Rico. His flight was cancelled, so he decided to charter his own plane the rest of the way and offered a ride to the rest of the stranded passengers for a small fee to cover the cost.

In 1982, Virgin purchased the gay bar Heaven in London. In 1991, in a consortium with David Frost, Branson made an unsuccessful bid for three ITV franchises under the CPV-TV name. The early 1980s also saw his only attempt as a producer—on the novelty record "Baa, Baa, Black Sheep", by The Singing Sheep in association with Doug McLean and Grace McDonald, on which he was credited as "Jeff Mutton". The track consisted of samples of animal noises recorded at his aunt Claire Hoares' farm in Norfolk, set to a drum-machine-produced track and reached number 42 in the UK charts in 1982.

In 1983, Now That's What I Call Music! emerged from Virgin Records offices as a compilation series. Collaborating with EMI, Peter Jamieson orchestrated the partnership on Branson's boat, leading to the concise and influential title "Now That's What I Call Music!", inspired by a Danish Bacon poster gifted to Simon Draper. Branson's introduction to the antique shop owned by Joan Templeman, played a pivotal role in his growing fascination with old signs and advertisements, ultimately shaping the collection.

Branson formed Virgin Atlantic and Virgin Cargo in 1984. He formed Virgin Holidays in 1985.

1988–2000: Telecoms ventures, railways, and worldwide impact

In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI for £500 million. Branson said that he wept when the sale was completed because the record business had been the very start of the Virgin empire. He created V2 Records in 1996 to re-enter the music business, owning 5% himself. Virgin also acquired the European short-haul airline Euro Belgian Airlines and renamed it Virgin Express. In 1997 Branson took what many saw as being one of his riskier business exploits by entering into the railway business during the privatisation of British Rail. Virgin Rail Group won the InterCity CrossCountry and InterCity West Coast franchises, beginning operations in January and March 1997 respectively. Both franchises were scheduled to run for 15 years.