<P> Virgin signed such controversial bands as the Sex Pistols, which other companies were reluctant to sign . Virgin Records would go on to sign other artists including the Rolling Stones, Peter Gabriel, UB40, Steve Winwood and Paula Abdul, and to become the world's largest independent record label . It also won praise for exposing the public to such obscure avant - garde music as Faust and Can . Virgin Records also introduced Culture Club to the music world . In 1982, Virgin purchased the gay nightclub Heaven . In 1991, in a consortium with David Frost, Branson made an unsuccessful bid for three ITV franchisees under the CPV - TV name . The early 1980s also saw his only attempt as a producer--on the novelty record "Baa, Baa, Black Sheep", by Singing Sheep in association with Doug McLean and Grace McDonald . The recording was a series of sheep baa - ing along to a drum - machine - produced track and reached number 42 in the UK charts in 1982 . </P> <P> In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI for £ 500 million . Branson said that he wept when the sale was completed because the record business had been the very start of the Virgin empire . He created V2 Records in 1996 in order to re-enter the music business, owning 5% himself . </P> <P> Branson formed Virgin Atlantic Airways in 1984, launched Virgin Mobile in 1999, and Virgin Blue in Australia (now named Virgin Australia) in 2000 . He was ninth in The Sunday Times Rich List 2006 of the wealthiest people or families in the UK, worth slightly more than £ 3 billion . Branson wrote in his autobiography of the decision to start an airline: </P> <P> "My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them...from the perspective of wanting to live life to the full, I felt that I had to attempt it ." </P>

The man who became head of the virginia company