Virgin Atlantic

Virgin Atlantic Airways usually referred to as Virgin Atlantic, is one of the airlines of Richard Branson's Virgin Group, operating long-haul routes between London and North America, the Caribbean, Africa, the Middle East, Asia and Australia. more...

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Its main bases are London Heathrow (LHR) and London Gatwick (LGW), with a smaller base at Manchester International Airport (MAN).

The company holds a United Kingdom Civil Aviation Authority Type A Operating Licence, it is permitted to carry passengers, cargo and mail on aircraft with 20 or more seats.

History

Conception and Birth

Virgin Atlantic's story began in 1982 when Randolph Fields, an American-born lawyer, set up British Atlantic Airways as a direct successor to Laker Airways. However, in order to obtain regulatory approval, Fields needed further financial backing. He met Richard Branson at a "high society" party in central London during which he proposed a business partnership between Branson and himself to get his fledgling airline off the ground. After protracted and testy negotiations, Fields agreed to a reduced stake of 25% in the now renamed airline and became Virgin Atlantic's first chairman. Following a series of disagreements over operational issues, Fields agreed to be bought out for an initial sum of £1 million with further payment due upon Virgin's first dividend payment. Following a High Court action, such additional payment was received shortly before Fields' death from cancer in 1997. Fields also obtained lifetime Upper Class flying privileges for his immediate family and his mother, one of British Atlantic's early backers.

On June 22, 1984 Virgin Atlantic operated its inaugural scheduled air service between London Gatwick Airport and Newark using a single, leased Boeing 747-200, formerly operated by Aerolineas Argentinas.

The airline became profitable during its first year of operation. The company was able to do this because it used cash flow from the then already well-established Virgin Records business to finance the lease of a relatively "inexpensive", second-hand Boeing 747. The firm also timed the start of operations to take advantage of a full summer's season, which included the June to September peak season, by far the most profitable travel period of the year.

Formative years

In 1986 the airline added another 747 and started a second scheduled route from Gatwick to Miami. Additional aircraft were acquired and further routes were launched from Gatwick to New York-JFK (1988), Tokyo (1989), Los Angeles (1990), Boston (1991) and Orlando (1992).

Subsequent developments

49% of Virgin Atlantic was sold to Singapore Airlines in December 1999 for £600.25 million.

Read more at Wikipedia.org