Sir Richard Branson and Olympic yachtsman from Falmouth, Ben Ainslie, were forced to abandon their transatlantic record bid after his boat's mainsail was “irreparably” damaged in a storm of the US coast.

They had left New York in the 99ft racing yacht Virgin Money on Wednesday last week in a bid to reach the finish line at Cornwall's Lizard Point in six days. It had been hoped they would then come into Falmouth where they could have receive a welcome similar to that received by Ellen McArthur when she completed her round the world record.

Mr Branson's children Holly, 26, and Sam, 23, were also on board the yacht Virgin Money. The team hopes to make another attempt in two weeks.

It was only 48 hours after they set off that the weather caught up with them in what Sir Richard described as a “night from hell” with winds reaching gale force nine and a swell up to 40ft.

One wave washed one of the life rafts overboard, damaged the spinnaker and tore a massive hole in the mainsail.

Skipper Mike Sanderson said: “We knew it was going to be tough, the forecast was tough. Lady Luck wasn't shining down on us at that time.”

Ben Ainslie who learned to sail in Falmouth, said: “It's obviously disappointing but it’s been an amazing experience sailing on the boat.”

The yacht is going to St George, Bermuda, for repairs.

The current transatlantic sailing record of 6 days 17 hours, 39 minutes and 52 seconds was set in 2003 by the yacht Mari Cha IV.