Richard Branson’s Virgin Orbit rocket firm set to cut 85 per cent of its workforce

SIR Richard Branson’s rocket company is to cut 85 per cent of its workforce after failing to secure new funding.

The billionaire’s Virgin Orbit enterprise today an­nounced 675 job cuts, weeks after pausing operations.

It comes amid reports that the satellite launch company’s chief executive Dan Hart was racing to lock in last-minute investment to stop the firm from collapsing.

Shares in the business plunged by as much as 40 per cent in after-hours trading in New York following the news.

Earlier this year, a Virgin Orbit rocket failed to complete the first ever satellite launch from UK soil.

The business, with its HQ in California, paused all operations earlier this month.

Layoffs will take place across “all areas of the company” and are due to be ­completed by Monday.

Entrepreneur Sir Richard said he will inject almost £9 million towards severance pay.

That and other costs are expected to total around £12.1million.

CEO Dan Hart said: “We have no choice but to implement immediate, dramatic and painful changes.”