Beardy entrepreneur and Catweazle doppelganger, Richard Branson, has announced his latest and most ambitious business venture to date. One that will see the billionaire launch a scheme, first to discover the whereabouts of then develop the lost Island of Atlantis as a tourist attraction.

A spokesman for Virgin said, “Now that Richard’s totally nailed space tourism with Virgin Galactic, he’s set his sights on the mythical lost island and plans a new visitor experience there to surpass anything Disney has ever dreamt of let alone created.”

It’s understood that the prank-pulling magnate intends to extensively rebuild heavily water-damaged areas, first by installing new damp courses throughout and then undertaking a complete revamp of the legendary ancient Grecian wonder in time to receive its first paying visitors by Summer 2022.

Among highlights guests can expect to see the Parade of the Merpeople culminating in a twilight spectacular reconstruction of the huge tsunami which destroyed the fabled city.

Planning documents show provision for the world’s first underwater Premier Inn and sites are already earmarked for Starbucks and McDonald’s, with strong rumours circulating that newly revitalised Spudulike has bagged a key pitch just inside the city gates.

Lenny Henry is currently believed to be in The Maldives taking an advanced deep sea diving course. His agent commented: ‘Len’s delighted and really looking forward to shooting Premier Inn’s TV ad.’