Richard Branson’s Virgin Orbit on brink as it axes 675 workers

Richard Branson’s satellite launch firm Virgin Orbit has laid off 675 workers (Ministry of Defence/PA)

Sir Richard Branson’s satellite launch firm Virgin Orbit is to cut 675 jobs – about 85% of its workforce – after failing to secure new funding.

The entrepreneur has said he will inject almost £9 million to go towards severance costs.