Virgin Atlantic will have to shut down if it fails to get financial support from the UK government, chief Richard Branson warned on Monday.

The Virgin Group boss sought emergency aid for the beleaguered airline last month on top of the monetary help offered by the authorities to all British companies affected by the pandemic.

In an open letter to the staff, Branson said: "We will do everything we can to keep the airline going – but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for."

He added: "This would be in the form of a commercial loan – it wouldn't be free money and the airline would pay it back."

The staff at Virgin Atlantic have taken a salary cut for eight weeks, a decision hailed by the billionaire business tycoon who said it was a "virtually unanimous" decision on the part of employees.

"I've seen lots of comments about my net worth – but that is calculated on the value of Virgin businesses around the world before this crisis, not sitting as cash in a bank account ready to withdraw," he said.

"Over the years, significant profits have never been taken out of the Virgin Group, instead they have been reinvested in building businesses that create value and opportunities. The challenge right now is that there is no money coming in and lots going out."

Virgin Group has a 51 percent stake in Virgin Atlantic, while 49 percent is owned by the U.S. airline Delta.

Branson's plea to the UK comes at a time when a cash-strapped Virgin Australia, the country's second largest airline, mulls voluntary administration in the absence of financial assistance from the federal government.

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