SIR Richard Branson’s grin has become almost as famous as his hairdo. Save the moments when he is being rescued from one of his world record attempts or is required to inspect the scene of a crash involving a train bearing his Virgin brand, Sir Richard is generally to be found smiling broadly.

His grin is as much a part of the oh-so-carefully nurtured brand as the typography of the V word that promotes it

And these last 10 days, it’s fair to say the smile on this serial entrepreneur’s face has grown wider and brighter. His entry into the world of Formula 1 motor racing has been another extraordinary chapter in the Virgin story.

For those who may have been residing on another planet since this year’s Grand Prix racing season screeched off in Melbourne the weekend before last, Sir Richard has struck what may go down as one of the most successful sports sponsorship deals in history.

It would certainly be hard to find or point to a similar deal that has netted so much positive profile since the ink went down on the contract. The cars Sir Richard is sponsoring appeared almost virgin white in qualifying for that first race. The bearded one eventually landed to shake hands and oversee the overnight application of his Virgin brand to the Brawn GP cars.

Their success in qualifying was already a  big story. Virgin’s clever tactics made it an even bigger story – with Sir Richard at its centre.

Few sports or businesses better demonstrate razor sharp brand management quite like Formula 1. And, like the markets that drive it all, some find their stock rising and some find theirs falling.

In the midst of it all lies the remains of one of the racing world’s highest spending and highest- profile teams – Honda. Faced with the global recession, they famously lost their nerve and dumped their Grand Prix racing team plans for 2009. The bits and pieces were bought for a song by the man whose name has been given to what are now the white, Virgin-sign written cars to beat.

Who needs the backing of a huge multi-national to achieve results? Well, Innocent, the smoothie drink people for one, if yesterday’s news is anything to go by. They have sold a £30m stake in their ethical business to the Coca Cola Corporation. Some may raise their eyebrows at that.

Innocent appeared to have a very successful recipe for popular drinks – and brand success. Let’s hope it lasts longer than Honda’s racing dream.

MATT JOHNSON is chairman of Mando