Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, will permanently cease operations, just months after a major mission failure. The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, has auctioned off its main assets, recovering just over $36m. That figure is barely 1% of the value the company reached in late 2021 on Wall Street, when it was valued at $3.5 billion. – Guardian
Q2 2023 Retail GPU expected to exceed £1,200 Cost reduction plan executed and EU exit complete Exploring debt restructuring options with Noteholders Highest ever level of Retail GPU achieved
With one of the most diverse portfolios on this list, Alex Chesterman’s businesses do not have much in common other than being revolutionary upon their launch.
There are tentative signs Cazoo is heading for profitability as the online car retailer said it was taking a more targeted approach to buying and selling vehicles amid a drop in revenues.