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Posted : 04 Sep 2020 at 10:29:25
Category: News

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Virgin Atlantic is said to be preparing a further 1,000 job cuts, hours after securing approval for a £1.2bn rescue deal.

The airline, founded by Sir Richard Branson in 1984, will announce the latest round of cuts as soon as today, Sky News reported.

It comes less than four months after Virgin said it was axing 3,150 roles and closing its base at Gatwick Airport.

If confirmed, the cuts will mean the company’s workforce has almost halved from its pre-pandemic level of 10,000.

Virgin’s £1.2bn rescue package, which was approved by the High Court yesterday, has all but secured the company’s continued survival.

However, the new cuts show the extent of the damage to the aviation sector caused by the pandemic, with demand for international air travel recovering at an even slower rate.

Last night Ryanair raised €400m (£360m) from shareholders in a bid to bolster its balance sheet in the wake of the coronavirus lockdown.

The budget airline’s passenger numbers were down by more than half in August as the UK’s quarantine rules wreaked havoc for travellers.

But Ryanair has been less badly affected than many of its rivals due to its relatively low level of debt and lack of exposure to the long-haul and business class markets.

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