Richard Branson Sells Virgin Megastores to Zavvi

Published: 2007-09-19
Richard Branson is selling his Virgin Megastore franchise in Britain and Ireland, shedding the brand that launched his Virgin empire.

Virgin Group says it made the deal, for an undisclosed sum, with a management buyout team led by Simon Douglas and Steve Peck-ham. The 125 stores will be rebranded Zavvi after Zavvi Entertainment Group, the buyers of the business. No job losses are expected.

The famous billionaire founded Virgin as a mail order company 37 years ago. "It's a sad day to be selling," said Branson. "But I'm selling to the people who ran the stores so...they'll be in good hands."

Writer: Angela Green

   

 

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