Richard Branson's Virgin Orbit rocket firm files for bankruptcy

Sir Richard Branson's rocket company, Virgin Orbit, has declared bankruptcy in the United States after failing to secure new investment.

The satellite launch company ceased operations several weeks ago, but it is hoping to find a buyer.

The California-based company announced last week that it would lay off 85% of its 750-person workforce.

Earlier this year, the first satellite launch from UK soil was aborted by a Virgin Orbit rocket.