Leading fund manager warns Virgin Orbit satellite failure has steered investors away from UK space industry’s ‘real gold’
The failure of the Virgin Orbit satellite has steered investors away from the ‘real gold’ of Britain’s space industry, a leading fund manager has warned.
Mark Boggett, who runs London-listed Seraphim Space, said bosses should focus on nurturing local space talent – rather than industry setbacks.
Lost in space: The first satellite mission from UK soil failed to reach orbit in January because its rocket fuel filter became dislodged
The first satellite mission from UK soil failed to reach orbit in January because its rocket fuel filter became dislodged.
Boggett said: “People are so focused on Virgin Orbit that they have no idea where the real gold is for the UK – but it will become clear.” The 51-year-old said the UK was a world leader, attracting more investment in space projects than any country except China and the United States.
Boggett’s comments follow industry-wide warnings that ‘tough’ regulations in the UK are threatening its competitive advantage.
Joshua Western, who runs satellite maker Space Forge, said: “The right questions are being asked, but the speed of the process is where we lose out.” And Virgin Orbit boss Dan Hart said the regulatory landscape was “difficult”.