Branson is to take out newspaper adverts to make the argument.

Although he does not have the right to vote in the upcoming referendum, Virgin businesses employ around 50,000 people in the UK.

According to The Guardian, he has registered his campaign with the Electoral Commission, indicating that he intends to spend more than £10,000.

“As an entrepreneur I have been known for taking risks throughout my career, but leaving the European Union is not one of the risks I would want the UK to take – not as an investor, not as a father and not as a grandfather. I am deeply concerned about the impact of leaving,” he said.

A spokesperson for Virgin said: “Richard has lived overseas for some years and so he’s not on the electoral register. Richard’s children and grandchildren live in the UK and clearly as an investor Richard has interests in the UK, with Virgin businesses employing over 50,000 people. Richard is urging every single one of them to vote in.”