Sir Richard Branson has sold his Virgin Megastores chain management buyout vehicle Zavvi Entertainment Group. The Times. The Guardian

The terms of the deal were not disclosed, but Branson is likely to have offered the management team, led by managing director Simon Douglas and finance director Steve Peckham, a significant dowry, possibly more than £20m, to take the loss-making chain off his hands.

The team will continue to operate the 130 stores in the UK and Ireland, which in Britain will be rebranded as Zavvi by November.