Virgin Orbit is set to cut 675 jobs 鈥 about 85% of its workforce 鈥 after failing to secure new funding.

Sir Richard Branson鈥檚 US satellite launch firm is racing to seal last-minute investment to stop the firm from collapsing, according to a

The entrepreneur is set to inject almost 拢9m to go towards severance costs, after the company announced earlier this month it would be pausing its operations.

In US regulatory filings, the firm confirmed the job cuts 鈥渋n order to reduce expenses in light of the company鈥檚 inability to secure meaningful funding鈥. It added that the layoffs, which are due to be completed by Monday April 3, will affect workers in the 鈥渁ll areas鈥 of the company.

Virgin Orbit said it expects severance payments to staff and other costs related to the cuts to cost it around $15m (拢12.1m).

The news comes after the company鈥檚 attempt to make British space history, by launching a rocket into orbit from Cornwall ended in failure, after suffering an 鈥渁nomaly鈥 during the flight at the start of the year.

Virgin Orbit had previously said it was anticipating and had been in 鈥渁ctive discussions鈥 with key government and commercial stakeholders to start plans for new missions 鈥渁s soon as later this year鈥.

Virgin Orbit is a key partner within the Cornish space cluster and currently the only company which has launch capability. Cornwall Council has invested more than 拢10m into Spaceport Cornwall, the 海角视频鈥檚 only licensed spaceport.

The council has previously claimed that the venture will result in hundreds of new jobs and attract businesses in the space industry to the Duchy.

Following Virgin Orbit鈥檚 announced pause earlier this month, Cllr Louis Gardner, Cornwall Council鈥檚 cabinet member for the economy, said focus remained on growing Spaceport Cornwall, and 鈥減rogressing relationships鈥 with spaceflight operators.

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