Sir Richard Branson is poised to sever a link with the business he founded by selling Virgin Megastores. The Sunday Times. Financial Times

Virgin is understood to be in talks to sell the chain to its management, led by managing director Simon Douglas and finance director Steve Peckham.

If a sale goes ahead, the stores will be rebranded, as Branson retains rights to the Virgin name. And under a side agreement, other Virgin-branded businesses, including Virgin Mobile and Virgin Media, will have outlets in the shops.

There are 130 Virgin Megastore shops, not all of which are owned by Virgin.