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Sean Allen Fenn
@seanallenfenn
Tax Evasion Isn’t Good Business Richard Branson Arrested. Methods of Prosperity newsletter no.53 TL;DR Virgin Mail Order faced a crisis with no way to send records or receive payments. Postal workers were on strike. To avoid running out of money in a week, Richard Branson decided to open a physical record shop. He had no experience in running one. He found a location on Oxford Street in London. The building’s owner sold shoes out of the storefront. The owner agreed to provide the upstairs space for free. The arrangement would attract customers for both businesses. Within days, Virgin’s first record store opened. It drew significant foot traffic and built a loyal customer base. By spring 1971, the shop was £15,000 overdrawn. Branson exploited a tax loophole, allowing him to avoid paying export taxes. His plan was to repay debts from the proceeds. It was a criminal plan. He thought he would get away with it. He didn’t.
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