[Sephiroth]

Originally Posted by RichardCoulter

I would imagine that Sir Branson put money INTO the company and allowed them to use the brand name in return for his shares, so without his involvement there would be even LESS capital in the business.

In return, VM received a cash injection and a chance to ditch the tarnished brand that was NTL, in favour of a more respected and trusted brand.

I do know that he insisted on various changes before he allowed this, particularly to improve the appalling customer service.

I don't think so. Here's what it says in Wikipedia:

In December 2005 NTL:Telewest and Virgin Mobile UK announced that talks had taken place regarding a merger.

Virgin Mobile's independent directors rejected the original bid of £817 million ($1.4 billion), taking the view that NTL's bid "undervalued the business". Sir Richard Branson reportedly expressed confidence that a re-structured deal could go ahead, and in January 2006 NTL increased its offer to £961 m (372p per share). On 4 April 2006, NTL announced a £962.4 m recommended offer for Virgin Mobile. According to reports, Branson accepted a mix of shares and cash, making him a 10.7% shareholder of the combined company.