Holly Branson in line to inherit Virgin empire

SIR Richard Branson has no imminent plans to retire – but if and when he does, he has hinted that his daughter Holly will be next in line to the throne of his international conglomerate, the Virgin Group.

Although the 62-year-old entrepreneur is in robust health and plans to be among the first passengers on Virgin Galactic when it takes its maiden flight at the end of the year, questions are beginning to emerge about the Virgin succession plan and who will take over the reins when he chooses to let go.

Last year it was reported that the group was set for a management reshuffle. Stephen Murphy, Virgin’s chief executive since 2004, announced plans to step down from his role to take an advisory position with the group.

His job will be split between co-chief executives, David Baxby, head of both Virgin Asia-Pacific and the aviation business, and Josh Bayliss, general counsel.

But of Sir Richard’s two children, his daughter Holly is showing the most interest in working with her father with a view to running the business.

Having trained as a GP, Holly has taken time off from her medical career to work with Virgin. But her brother Sam, 25, remains a candidate.

Holly married ship broker Freddie Andrews on Branson’s Caribbean island, Necker, last month. “Both my daughter and my son are great with people. Either of them would be good at keeping the flag flying when my balloon goes down,” said Branson at the launch of Virgin Money in Edinburgh last week following its takeover of Northern Rock. However, he added: “They have to wait until I am run over first.”

But it is Holly who “comes in and helps me a lot,” he said. “She’s on honeymoon at the moment. We look forward to her coming back.”

Branson, who appointed Peter Norris as the first ever non-executive chairman of Virgin Group in November 2009, says he “sprinkles dust” in his role at the group and spends a lot of time on its charity arm.

The Virgin Group has an estimated annual turnover in excess of £13 billion and operations in aviation, telephony, transport, healthcare, leisure, financial services and renewable energy. “On the business side I am there to push the business forward into new areas, to put things on the map like today when we launch new businesses, to fire fight when things go wrong,” said Branson.

But he stays connected to the financial backers of the group’s brands, such as US billionaire investor Wilbur Ross who has a reported £100 million stake in Virgin Money. “That helps, the fact I can pick up the phone to anybody in the world,” says Branson. “I have been in business 45 years since I was 15, I have built up years of trust and I can get through to people. Generally people will take my call.”