Branson offers to run West Coast line for free in fight over franchise

The entrepreneur, who has claimed that FirstGroup’s bid will lead to “almost certain bankruptcy”, made a last-ditch appeal to the Government to delay signing the 13-year contract tomorrow.

He said Virgin Trains and Stagecoach would operate the joint venture on a not-for-profit basis or donate profits to charity if the franchise needed to be extended beyond December for a few months to allow Parliament to investigate the decision.

Sir Richard is also pressing for an independent audit of the Department for Transport’s decision over the £10bn deal.

His plea comes after Louise Ellman, the chairman of the House of Commons Transport Committee, wrote to Transport Secretary Justine Greening asking her to hold off signing the final contract, saying that “important issues” had been raised.

And more than 100,000 members of the public have signed an online petition against the decision, in a campaign supported by double Olympic champion Mo Farah, Apprentice star Lord Sugar and celebrity chef Jamie Oliver.

Sir Richard said: “It is far better for MPs to have the chance to debate the issues, and question ministers on the detail before the decision is finalised.

“To assist in this process, there should be an independent audit of the DfT decision to ensure it has been based on correct criteria and reliable forecasting of customer numbers, revenue and payments to Government.”

Virgin has operated the West Coast line since 1997.

FirstGroup claims it will deliver better value for taxpayers.