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History[ edit ] Virgin logo designed by Roger Dean for the fledgling Virgin Records label Branson and Powell had initially run a small record shop called Virgin Records and Tapes on Notting Hill Gate , London, specializing in " krautrock " imports, and offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer. After making the shop into a success, they turned their business into a fully fledged record label. The name Virgin, according to Branson in his autobiography , arose from Tessa Watts , a colleague of his, when they were brainstorming business ideas. She suggested Virgin — as they were all new to business — like "virgins". A variation on the logo was used for the spin-off Caroline Records label. The Faust Tapes album retailed for 49p the price of a 7" single and as a result allowed this relatively unknown band to reach number 12 in the album charts[ citation needed ].