Branson sells Virgin Megastores

Richard Branson parted company today with the business that helped launch his empire.

The tycoon’s Virgin Group sold music store chain Virgin Megastores in the UK and Ireland for an undisclosed sum to a management buyout team led by managing director Simon Douglas and finance director Steve Peckham.

During the next month, the 125 stores will be rebranded as Zavvi after Zavvi Entertainment Group – the buyers of the business.