Sir Richard Branson stands to receive at least £250 million from Nationwide as an “exit fee” when the building society stops using the Virgin Money brand after its takeover of the struggling challenger bank.
The payment is due under the terms of a “brand licence agreement” and comes on top of the £400 million that Branson stands to receive from his shares in the FTSE 250-listed Virgin Money, in which he owns a 14.5 per cent stake.
You pay a licence fee to use the Virgin brand – that’s long been a standard Branson contrat. But having to pay to stop using it? Seems a tad harsh. But if that’s what the contract says, well….
The post Thassa a pretty cool contract first appeared on Tim Worstall.