£100m windfall for Richard Branson

Richard Branson is in line for a £100m (€145.33) personal windfall today when he issues the prospectus for the stock market flotation of his Australian airline, Virgin Blue.

The company is expected to be valued at up to £1bn(€1.45), with Branson reducing his stake from 46% to between 25% to 30% while his local partner, Patrick Corporation, will hold some 45%.

Some of the money raised by Branson is likely to be invested into a new United States-based budget carrier.

Last week the British entrepreneur revealed he was already in talks with potential American partners for the new airline, which is to be called Virgin USA.

Virgin Blue has been a success for Branson, who founded the airline three years ago with a cash investment of £4m (€5.81).