Virgin Orbit has announced that it is selling its assets and will cease operations months after its inaugural mission, launched from Spaceport Cornwall in the UK, ended in failure in January.

In a statement, the “responsive space launch provider” said: “(Our) legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”

Sir Richard Branson’s California-based company will now sell its assets to four winning bidders.

The statement continued: “As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years”.

Virgin Orbit said in March that it would cut 85 per cent of its workforce after failing to secure new investment...