Blow for City as Branson goes Dutch to raise cash

RICHARD Branson is launching his first European blank-check company in Amsterdam in the next few months, snubbing London.

The tycoon aims to list the special purpose acquisition company, or Spac, on Amsterdam’s Euronext stock exchange as he raises money to pursue takeover targets.

The firm aims to raise around £170m from investors, according to Sky News. Virgin Group said it did not comment on ‘rumour or speculation’.

The decision to overlook London comes as a blow to the City – particularly as the Virgin Group empire is based in Britain.

Branson’s space venture Virgin Galactic and his satellite programme Virgin Orbit Holdings went public by merging with Spacs.

Spacs are shell companies that raise money on stock markets to buy private businesses, providing an easy route for the target to gain a listing without going through the rigorous process of a traditional initial public offering.