Richard Branson has turned down a listing in the United Kingdom as a result of the Brexit vote. Instead, he wants to list his company in Amsterdam.

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Richard Branson dismisses the United Kingdom in favor of a listing in Amsterdam.

SIR RICHARD BRANSON has chosen to list a company in Amsterdam rather than in the United Kingdom after the Brexit vote.

According to Sky News, the Virgin tycoon is working with bankers on a European listing, which some may interpret as a snub to London’s market.

The Amsterdam-listed vehicle would most likely seek to raise around £167 million (€200 million), according to a source, though the final details have yet to be determined.

According to sources close to Virgin Group, the company has put together detailed plans to list the Special Purpose Acquisition Company (SPAC), with an announcement expected in the first quarter of this year.

SPACs, also known as blank check companies, are investment vehicles that raise funds on stock exchanges to purchase private companies.

They are viewed as a simple way for the target to obtain a listing without having to go through the lengthy process of a traditional initial public offering.

Sir Richard took Virgin Galactic, a space tourism company, and Virgin Orbit, a commercial satellite company, public through mergers with other companies.

Given that Virgin Group is based in the UK, the news could be interpreted as a snub to the London market, as British regulators have reformed listing rules to make it easier to pursue SPAC deals in the UK.

Sir Richard has been a vocal Remain supporter since the 2016 referendum, telling Fox News in 2019 that Brexit was one of the worst things that could happen to the UK and that it had already caused significant economic damage.

Thousands of jobs would be lost as a result of the democratic vote, he warned just days after the referendum.

In 2019, he backed calls for a second referendum on the UK’s EU membership.

Virgin Atlantic, on the other hand, appeared to be on track to list on the London Stock Exchange in August.

It would have required the maverick entrepreneur to relinquish complete control of the airline he founded in 1984, a move that would have been more difficult prior to Brexit.

Airlines must be majority-owned by European Union shareholders, according to European Union regulations.

Brexit shattered EU red tape, allowing Sir Richard to raise additional funds for the airline.

Virgin was reportedly considering a float last autumn, but it was later revealed that it would wait until this year to focus on the resumption of travel between the UK and the US, according to reports in August.

“Brinkwire News Summary.”

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