Sir Richard Branson is set to receive a payout worth more than £670m, in addition to annual royalties worth £15m a year, following Nationwide’s takeover of his UK banking business Virgin Money, new disclosures show.

The British billionaire, who started out as music producer before becoming one of the UK’s most well-known entrepreneurs, is set to receive £421.95m for his stake in Virgin Money plus £250m in the form of an exit fee that will let Nationwide stop using the Virgin brand.