Sir Richard Branson and Virgin Holidays have reacted to holidaymakers’ frustrations over exchange rates and poor value by launching a new currency today.

The ‘Branson’ will be accepted as legal tender at all Virgin Holidays destinations from April 2 and can be bought through one of the company’s 100 retail outlets in the UK as well as in resorts upon arrival.

The ‘Branson’ launch follows research commissioned by Virgin Holidays and think tank Gray HL Division which found poor exchange rates polled highest in reasons for not travelling to a holiday hotspot, followed by bad weather, having to take vaccinations and deadly insects.

76% of respondents would sacrifice hot temperatures to make their money go further on holiday and 64% claimed not have travelled to a country because of a poor exchange rate.

Sir Richard Branson said: “We’ve listened to our customers and are shaking up the travel industry once again. With the ‘Branson’ we will ensure Virgin Holidays’ customers’ money goes further on holiday, meaning they really are receiving the ultimate Rockstar Service.”

The new currency will be printed in denominations of 10, 20 and 50 initially and the artwork will reflect the various types of holiday you can experience with the holiday company – beach, city break and cruise.

Financial expert Ray Hiding Viols said: “With uncertainty in the world’s financial system creating problems for people trying to work out holiday budgets, the ‘Branson’ is a very welcome addition to the Foreign Exchange. With two Bransons the equivalent of one British Pound, Virgin Holidays holidaymakers can forget about being stuck by fluctuating exchange rates – and enjoy more for their money.”