Branson signs £1m deal with Random House to write five books

Sir Richard Branson is to receive an advance of more than £1m for five books he will write for Virgin Books, the business he sold yesterday to the publisher Random House.

The 56-year-old entrepreneur, who published an autobiography called Losing My Virginity in 1999 and a business book, Screw It, Let's Do It, last year, is to deliver the new books over the next five years. Work is under way on a couple of the books. Sir Richard, who is dyslexic, will receive royalties on top of the seven-figure advance.

It is thought that at least one of the books will be about business and the environment. Sir Richard has spoken about the concept of "Gaia capitalism", after the philosophy developed by the ecologist James Lovelock, and pledged $3bn (£1.5bn) of profits from his Virgin Group's travel businesses to fighting global warming.

Sir Richard said: "I started my business life at the age of 15 as a magazine publisher, and have always loved reading. It was gratifying to discover that most of my favourite books were published by Random House."

He set up Student magazine as his first successful business venture. Earlier in his life he found reading and writing difficult, but he has since become a voracious reader. He tends to dictate his writings.

Separately, Sir Richard agreed to sell 90 per cent of Virgin Books, a publishing business which produces 140 books a year, to Random House, part of the Bertelsmann media empire. The deal is understood to be worth about £3.5m plus an earn-out.

Gail Rebuck, the chief executive of Random House, said: "With Sir Richard writing five books for the venture, we can develop the Virgin brand in books worldwide, using our resources to help it reach its full potential."