An arm of Sir Richard Branson’s empire which sells hot air balloon flights and escape room challenges is being put up for sale for more than £150m.

Sky News has learnt that the majority shareholder in Virgin Experience Days has hired PricewaterhouseCoopers, the professional services firm, to find new backers for the company.

A formal sale process has yet to get underway, and the exact timing could depend on how events in Ukraine impact consumer confidence and spending in the UK, according to people close to the situation.

Virgin Experience Days has been owned by Inflexion Private Equity since 2017.

The business was founded by Richard Gyselynck and Andrew Dent, a pair of aviation enthusiasts, under the name Acorne.

It now offers more than 3000 individual experiences, ranging from afternoon tea at upmarket hotels to adventure days out for thrillseekers.

Virgin Experience Days competes with the likes of Red Letter Days, which for a period was backed by the Dragons’ Den judges Peter Jones and Theo Paphitis.

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One source said the business had enjoyed its best-ever trading period, fuelling hopes that it could fetch a price tag of more than £150m.

A stock market listing could also be considered alongside a sale, they added.

Inflexion declined to comment on Wednesday.

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