Branson rules out bid for BA
Monday, 22 Jun, 2009
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Virgin Atlantic founder Sir Richard Branson has ruled out bailing out troubled British Airways.
He distanced himself from media speculation that his airline would attempt to save its loss-making rival if it feel into further difficulty.
Sir Richard was quoted by the BBC as he prepared to mark the 25th anniversary of Virgin Atlantic by retracing the carrier’s first flight from London to New York (Newark).
He said BA’s pension burden would prevent Virgin Atlantic from mounting a takeover.
However, Sir Richard said that if BA were to fail, his airline and others would take up the slots at Heathrow that would become available and attempt to lower fares.
Sir Richard also predicted that first class air travel would disappear due to the recession.
BA lost £401 million in its last financial year and staff have been asked to work for nothing for a month. Pilots have agreed a pay cut in return for shares in the carrier.
by Phil Davies
Phil Davies
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