Sir Richard Branson has injected £11m into Virgin Orbit as the troubled rocket launch company seeks a last-minute buyer after laying off 85pc of its staff.
The satellite-launch company said it has ceased operations and will cut about 675 jobs after the business failed to secure outside funding.
The company had said the remaining staff will work on winding down the business.
However, chief executive Dan Hart is making last ditch efforts to secure a rescue deal, according to the Financial Times, with Mr Branson’s cash injection expected to cover most of the severance payments.
It follows the high-profile launch failure from Cornwall in January, which led to a collapse in its share price.
Virgin Orbit temporarily suspended operations earlier this month while it sought additional capital.
The business — part of Branson’s empire that includes airline Virgin Atlantic and spaceflight company Virgin Galactic. — has not turned a profit as a public company.
Read the latest updates below.