The Virgin Group is reportedly looking to add to its raft of travel brands with the addition of a new cruise arm.
A Sky News report said Virgin has appointed US-based corporate advisory firm Allen & Co to “oversee development of a cruise operation” that would work to compete with other cruise giants including Royal Caribbean.
It is understood that although the brand, which would be named Virgin Cruises, is in the early stages, talks have already been held to raise an estimated $1bn to acquire the first ships.
Currently three main companies dominate 80 per cent of the global cruise industry, which includes Carnival, Royal Caribbean and Norwegian.
The report also indicated that Virgin has been working with Allen & Co across the wider tourism sector, including plans for a city centre based brand of Virgin Hotels.