Space company Virgin Orbit is to pause operations today and furlough almost all employees, reports the BBC. Staff were told at a meeting yesterday.
It comes after the failed first mission to launch a satellite from UK soil in January.
Chief Executive Dan Hart said the plan would give the company time to find new investment.
A statement from the company said: "Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks."
In January's launch, a jumbo jet carried a rocket from Newquay and launched it over the ocean. The rocket crashed and its payload was destroyed.
