Virgin Orbit has announced it is selling its assets and will cease operations months after a mission failure in the UK.
In a statement, Richard Branson’s US satellite launch firm said: “(Our) legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”
The California-based company, which attempted to shoot a rocket into orbit from the UK’s only licensed spaceport, located at Cornwall Airport Newquay, said it would sell its assets to four winning bidders.
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“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years,” the statement said.
It comes after the firm announced hundreds of job cuts, amounting to 85% of its workforce, having failed to secure new investment. It filed for Chapter 11 bankruptcy protection in the US in April.
Founded in 2017, the group listed in New York in 2021, but has been weighed down by its significant debt pile. According to the PA news agency, as of September, the company had debts of £123m.
Virgin Orbit’s mission to make British space history, by completing the first satellite launch from UK soil at Spaceport Cornwall, ended in failure, when the craft suffered an “anomaly” during the flight in January.
Spaceport Cornwall has previously insisted it is only “at the beginning” of its journey, despite Virgin Orbit being a key partner in the South West space cluster.
Following Virgin Orbit’s filing for bankruptcy, bosses at Spaceport Cornwall said the “multi-user site” would continue to work with global space and satellite businesses, such as Sierra Space - a subsidiary of US aerospace giant Sierra Nevada Corporation, and would open a new research facility.
Earlier this week Melissa Quinn, the head of Spaceport Cornwall, announced she would be stepping down at the end of this month, saying it was the “right time to move on'' from the project. Spaceport Cornwall said it was planning to announce Ms Quinn’s replacement over the summer.
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