According to our sources, Virgin Interactive may be about to lose the right to use the Virgin name in as little as two weeks.
?The license to use the Virgin name is up,? one insider told us. ?A writ has been prepared and will be served within the next two weeks.?
Up until recently, Virgin Interactive was paying Richard Branson?s Virgin Empire a percentage of all revenues from its business. And rumour has it that this amount has fallen bellow what is considered acceptable. Furthermore, the newly-tabled proposition from Virgin, according to our sources, is too expensive for Virgin Interactive Entertainment to meet, meaning that from around two weeks or so, the firm will have to stop using the distinctive Virgin brand.
This will mean an entire re-brand for the outfit, simply impossible given the financial state of the London office. If a rescue package isn?t offered by Titus, Virgin Interactive Entertainment will have to cease trading.
We?ll let you know how this pans out.