Virgin Voyages has closed on $550 million in new funding led by Ares Management and announced that founding CEO Tom McAlpin has stepped down and will continue as chairman.
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Virgin VoyagesVirgin Voyages has successfully secured $550 million in fresh funding, with Ares Management leading the investment. Simultaneously, Tom McAlpin, the founding CEO, has stepped down from his role but will continue to serve as chairman. Additionally, the cruise line has announced that the launch of its fourth ship, Brilliant Lady, originally slated for the end of 2023, has been delayed due to unforeseen challenges in construction, supply chain, and staffing. The company is now in the process of assessing new potential launch dates.
Originally scheduled to operate Caribbean cruises from San Juan this winter, the Brilliant Lady’s delay has prompted Virgin Voyages to make alternative arrangements for affected guests. These individuals will receive generous compensation, along with exclusive rebooking benefits and onboard credit once the revised launch date is confirmed.
This latest funding round, spearheaded by Ares and supported by existing investors Bain Capital and Virgin Group, is expected to fortify Virgin Voyages’ financial standing and facilitate an expansion into additional markets. It’s worth noting that the cruise line had previously secured $550 million in funding a year prior, with BlackRock leading the investment.
In light of the Brilliant Lady’s delay and the forthcoming refurbishment of the Scarlet Lady, Virgin Voyages has devised a new set of itineraries extending through April 2025. These include the introduction of fresh repositioning voyages for passengers to enjoy.
Resilient Lady
Following its inaugural season in Australia, the Resilient Lady is set to embark on a series of captivating journeys. From May to July 2024, it will offer three distinct itineraries departing from Athens. This will be succeeded by a sequence of sailings ranging from three to six nights in duration, departing from various locations in Britain, slated for August and September.
The Resilient Lady’s European sojourn also encompasses two repositioning voyages, originating in Portsmouth, England, and culminating in Barcelona, Spain. This expansion introduces Morocco as a new addition to the brand’s growing list of destinations. The Mediterranean leg of the Resilient Lady’s journey concludes with a voyage from Barcelona to Athens, featuring Catania, Sicily, as a port of call.
Following these European adventures, the Resilient Lady will embark on a remarkable 44-night repositioning cruise from Athens to Australia in October 2024. This voyage promises to be an extraordinary journey for travelers seeking a blend of discovery and leisure.
Valiant Lady
For the onset of the 2023 winter season, the Valiant Lady is scheduled to make its return from Barcelona on October 29, marking the commencement of a Caribbean cruising season. From January to March 2024, the ship will operate out of San Juan, navigating itineraries initially designated for the Brilliant Lady.
In a strategic move, Virgin has announced that the Valiant Lady will step in for the Scarlet Lady, taking on the responsibility of conducting four- and five-night Caribbean cruises departing from Miami this winter. Meanwhile, the Scarlet Lady, despite having commenced service only two years ago, is slated for a drydock period. This indicates a commitment to maintaining the highest standards of service and comfort for passengers.
Scarlet Lady
Between May and October 2024, the Scarlet Lady will be dedicated to Mediterranean cruises. On November 3, the ship will embark on an 11-night repositioning journey from Barcelona to Rome. Following a transatlantic repositioning cruise, the Scarlet Lady is slated to resume sailing Caribbean routes from Miami in the winter of 2024-25.
Virgin Voyages is taking proactive steps to accommodate guests affected by these new itineraries. They will be offered price- and promotion-protected alternatives for rebooking, along with the option to receive onboard credit ranging from $300 to $600, or a full refund. This approach ensures that guests have the flexibility and choice to navigate these changes in a manner that best suits their preferences.
Virgin Voyages promotes Saverimuttu
Virgin Voyages has announced that Nirmal Saverimuttu, currently serving as the line’s president and chief experience officer, will take the helm as CEO, leading the company into its next phase of growth. Tom McAlpin, the founding CEO, will step down from his role but will continue to contribute as chairman.
In a statement, McAlpin expressed his confidence in Saverimuttu, stating, “While I will miss the day-to-day, I believe it is the right time to step aside as CEO. Nirmal is a great friend and experienced leader who lives and breathes the Virgin Voyages culture. I know he will help take this amazing brand and crew to new heights, and I look forward to continuing to support the leadership team as chairman.” This transition reflects the company’s commitment to sustaining its growth trajectory and continuing to provide exceptional experiences for its passengers.
Source: Virgin Voyages / Travel Weekly
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