Billionaire serial entrepreneur Richard Branson is at a veritable crossroads in his business ambitions. The recent crash of Virgin Galactic’s Space Ship Two — which left one co-pilot dead — may have dimmed his space ambitions.

Immediately after the tragedy, Branson vowed “not to push on blindly”. But when it emerged that the craft broke up due to pilot error, he asserted, “We are absolutely confident that there is no fundamental flaw.”

The programme is however likely to be delayed, leaving Branson to cool his heels and focus on other aspects of his business. The upcoming $320 million IPO of Virgin America, which Branson’s Virgin Group partly owns, is on the cards. On offer are 13.3 million shares at $24 apiece. Early last week, Virgin America reported that it had swung into profits with $56.2 million of net income for the first nine months of 2014, compared to a loss of $4 million in 2013.

The IPO comes at a time when the going has been good for US airlines, with fares on the rise, jet fuel costing less and the absence of a clear competitor to Virgin America, which has set the bar for transcontinental travel.

Branson also has his plate full with the planned listing of his financial services company, Virgin Money, in London by the end of November.

The company plans to raise about $240 million through the offering, which will divest a stake equal to about 25 per cent of its capital.

With about 2.8 million customers, Virgin Money is seen as a challenger to the larger, more traditional lenders that dominate the banking landscape in the UK.

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