Breaking News: Virgin Atlantic Slash 1,000 Jobs Hours after Securing £1.2 billion Rescue Package

Virgin Atlantic Airways announced it will cut more than 1,000 jobs just hours after a €1.44bn (£1.2bn) rescue deal was approved.

BASED in Crawley, West Sussex, the aviation giant will reportedly announce the huge cull as early as tomorrow. The announcement came just hours after Sir Richard Branson’s firm had a €1.44bn (£1.2bn) rescue package approved by the High Court. Less than four months ago 3,150 jobs were lost and the company closed its base at London’s Gatwick Airport.

The airline said it was entering a consultation period of 45 days, during which time it will work with trade unions BALPA and Unite on the restructuring.

CEO Shai Weiss said in a statement: “We have weathered many storms since our first flight 36 years ago, but none has been as devastating as Covid-19 and the associated loss of life and livelihood for so many. However, to safeguard our future and emerge a sustainably profitable business, now is the time for further action to reduce our costs, preserve cash and to protect as many jobs as possible. It is crucial that we return to profitability in 2021.”

This latest round of cuts means that Virgin Atlantic’s workforce has almost halved from its pre-pandemic level which consisted of around 10,000 people.