'If UK wants to lead space race it needs to buy Virgin Orbit'

The UK Government says it has no plans to buy Virgin Orbit, following a suggestion it should

Virgin Orbit has filed for bankruptcy
Author: Andrew KayPublished 11th Apr 2023
Last updated 11th Apr 2023

The UK Government is being warned if it doesn't buy Virgin Orbit, then another country will.

The firm collapsed after a failed satellite launch from Spaceport Cornwall in January.

Since then it's value had plummeted to around $60-million, down from around $250 million after the initial failed satellite launch. Virgin Orbit had been worth $3.8 billion in late 2022.

In a statement last week, Virgin Orbit CEO Dan Hart said: "We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company."

the business lodged a filing with the US Bankruptcy Court for the District of Delaware as it seeks a sale of the remaining business.

Jordan Wright is a US based space flight reporter who founded the Angry Astronaut YouTube Channel. Here's his full interview with chief reporter Andrew Kay

A spokesperson for the UK Government and UK Space Agency said: “This is a commercial matter for Virgin Orbit. We have worked with the company for many years and our thoughts are with its employees in the US during this difficult time.

“The UK space sector is thriving, generating an income of £17.5 billion a year and employing almost 49,000 people.

"The government remains committed to supporting the development of a dynamic UK spaceflight sector, and our focus is on supporting multiple projects designed to make the UK the leading provider of commercial small satellite launch in Europe by 2030, generating more jobs and growth across the country.”

The point out that figures released last week showed that UK space organisations generated ÂŁ17.5 billion in 2021, compared to ÂŁ16.5 billion the previous year.

The number of UK space organisations identified across the UK rose from 1,293 to 1,590, creating 1,772 jobs and the sector now employs just under 48,800 people and supports an estimated 126,800 UK jobs across the wider supply chain.

The UK Government says it is 'committed to supporting the development of a dynamic UK spaceflight sector, creating social and economic benefits for communities right across the UK' and adds that: "Such a project is inherently challenging, which is why the government backed multiple projects to help kick-start commercial activity."

They point out there is 'significant activity underway in Scotland, with two new spaceports (SaxaVord and Sutherland) anticipating launches in 2024, with the UK becoming an attractive choice for launch provider'.

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