Virgin Media

The boss of Virgin Media's parent company has warned that it will seriously reconsider its investment in the UK if the country votes to leave the European Union.

Shareholders of Liberty Global, which owns Virgin Media in the UK, on Thursday approved a £700,000 donation to the Remain campaign.

Speaking to the Financial Times, Liberty Global chief executive Mike Fries, said: “We will probably deploy capital elsewhere.

“We are a multinational that has plenty of opportunities to create value for shareholders and we will always seek the highest return; that’s our job.”

Virgin Media currently employs around 14,000 workers in the UK and is currently investing £3 billion to improve its broadband network.

Mr Fries suggested that he would've pulled the broadband upgrades if it wasn't "too far down the road". But he stressed that the company would think again about similar sized investments in the UK.

“Would we undertake that sort of commitment again? We would have to question that.”

Last month, Virgin Media chief executive Tom Mockridge wrote to all 14,000 members of staff, urging them to vote to remain in the EU.

“Over the past 40 years, I have lived and worked in many different countries around the world and my view is very simply that the UK is stronger, more secure and, ultimately, will continue to be more successful as a member of the EU,” he wrote.