Branson was born in Blackheath, London, the eldest of three children of Eve Branson (nee Evette Huntley Flindt; born 1924), a former ballet dancer and air hostess, and Edward James Branson (1918-2011), a barrister. He has two younger sisters. His grandfather, the Right Honourable Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor. Branson was educated at Scaitcliffe School, a prep school in Surrey, before briefly attending Cliff View House School in Sussex.

Branson started his record business from the church where he ran Student magazine. He interviewed several prominent personalities of the late 1960s for the magazine including Mick Jagger and R. D. Laing. Branson advertised popular records in Student, and it was an overnight success. Trading under the name "Virgin", he sold records for considerably less than the "High Street" outlets, especially the chain W. H. Smith. Branson once said, "There is no point in starting your own business unless you do it out of a sense of frustration." The name "Virgin" was suggested by one of Branson's early employees because they were all new at business. At the time, many products were sold under restrictive marketing agreements that limited discounting, despite efforts in the 1950s and 1960s to limit so-called resale price maintenance. Branson eventually started a record shop in Oxford Street in London. In 1971, he was questioned in connection with the selling of records in Virgin stores that had been declared export stock. The matter was never brought before a court because Branson agreed to repay any unpaid VAT of 33% and a PS70,000 fine. His parents re-mortgaged the family home in order to help pay the settlement. Earning enough money from his record store, Branson in 1972 launched the record label Virgin Records with Nik Powell, and bought a country estate north of Oxford in which he installed a residential recording studio, The Manor Studio. He leased studio time to fledgling artists, including multi-instrumentalist Mike Oldfield, whose debut album Tubular Bells (1973) was the first release for Virgin Records and became a chart-topping best-seller. Virgin signed such controversial bands as the Sex Pistols, which other companies were reluctant to sign. Virgin Records would go on to sign other artists including the Rolling Stones, Peter Gabriel, UB40, Steve Winwood and Paula Abdul, and to become the world's largest independent record label. It also won praise for exposing the public to such obscure avant-garde music as Faust and Can. Virgin Records also introduced Culture Club to the music world. In 1982, Virgin purchased the gay nightclub Heaven. In 1991, in a consortium with David Frost, Branson made an unsuccessful bid for three ITV franchisees under the CPV-TV name. The early 1980s also saw his only attempt as a producer--on the novelty record "Baa, Baa, Black Sheep", by Singing Sheep in association with Doug McLean and Grace McDonald. The recording was a series of sheep baa-ing along to a drum-machine-produced track and reached number 42 in the UK charts in 1982. In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI for PS500 million. Branson said that he wept when the sale was completed because the record business had been the very start of the Virgin empire. He created V2 Records in 1996 in order to re-enter the music business, owning 5% himself. CANNOTANSWER

Answer the following question by taking a quote from the article: what is a notable fact about his record business?

to become the world's largest independent record label.