Sir Richard Branson's Virgin Group has sold off its Megastores chain in the UK and Ireland for an undisclosed sum. The business that helped launch his empire has been purchased by a management buyout team led by managing director Simon Douglas and finance director Steve Peckham. During the next month, the 125 stores will be rebranded as Zavvi after Zavvi Entertainment Group - the buyers of the business. "We now choose to franchise our global entertainment retail operations, rather than own them, and this was the last significant Virgin wholly owned retail business in the world," Branson is quoted as saying.
He added: "The Virgin brand will continue to be represented in-store through the Virgin Mobile and Virgin Media in-store concessions."
He added: "The Virgin brand will continue to be represented in-store through the Virgin Mobile and Virgin Media in-store concessions."
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