The bankruptcy of the satellite-launching company, Virgin Orbit, is by no means the end of the UK's "thriving" space industry, according to a UK government spokesperson.
According to figures from the UK Space Agency, which comes under the Department for Science, Innovation and Technology, the space sector generates £17.5 billion a year, and employs almost 49,000 people.
Virgin Orbit filed for Chapter 11 bankruptcy in the US on Tuesday, as efforts to find funding failed to take off.
The move came less than a week after the company announced it was laying off 85 per cent of its staff and shutting down its operations.
Virgin Orbit's missions were 'air-launches' in which a rocket carrying a payload would be taken to high altitude by a specially-adapted Boeing 747 and released. The rocket would then power itself into orbit and deploy its payload of satellites.
Following several successful missions in the US, a launch from Spaceport Cornwall in south-west England ended in failure in January, after a problem with a fuel filter during the flight led to the loss of the nine small satellites the LauncherOne rocket was carrying.
'High-growth sector'
Even given the setback with Virgin Orbit, the government said it is still focused "on supporting multiple projects designed to make the UK the leading provider of commercial small satellite launch in Europe by 2030”.
"The government is committed to supporting this high-growth sector, boosting the UK’s reputation as a growing space power, and inspiring the next generation of professionals," Secretary of State for Science, Innovation and Technology, Michelle Donelan, said last week.
Aside from Spaceport Cornwall, where Virgin Orbit's UK operations were based, there is also "significant activity" under way in Scotland, with two new spaceports, at SaxaVord and Sutherland, expecting satellite launches in 2024.
'Cluster of space-related businesses'
Nonetheless, the bankruptcy filing of Virgin Orbit was a disappointment to Spaceport Cornwall, the place from which the ill-fated last mission of the company founded by Richard Branson was launched back in January.
Melissa Quinn, the Head of Spaceport Cornwall, said the news of Virgin orbit's bankruptcy was "very sad", but that Spaceport Cornwall would continue to "operate as a multi-user site with demand for launch rising globally set against the backdrop of a lack of launch sites."
"Our operational build at Spaceport Cornwall has enabled us to create a one-stop-shop for pre, during and post launch space activities - utilising the unique facilities of Cornwall Airport Newquay, to grow a wider space cluster," Ms Quinn added.
Cornwall Council, which owns Cornwall Spaceport, has worked closely with Virgin Orbit for the past five years.
"Spaceport Cornwall was always about more than Virgin Orbit," Louis Gardner, portfolio holder for the economy at Cornwall Council, told The National.
"Virgin Orbit was just one customer. We obviously worked very closely with Virgin Orbit to get to where we are now, in terms that they helped with the safety case, developing the space port and helped with us getting the licence, but we remain the only licensed commercial spaceport in Europe."
Mr Gardner added that Spaceport Cornwall is in talks with other satellite-launching companies, who employ the same air-launched technology as Virgin Orbit and that more space-related technology firms are keen to move to the spaceport.
"For us in Cornwall, the spaceport was always about developing a cluster of space-related businesses," Mr Gardner told The National.
"So, in just three weeks time, we're opening our new operations facility where we'll have ten space-related companies coming to Cornwall and setting up offices - for at least a couple of those companies, it'll be their first presence in the UK."
"So, this is far from the end for Spaceport Cornwall - we won't see a launch this year, but we certainly plan to press on with our wider activities and we certainly new launch customers for the future."
