Richard Branson has announced the devastating news that his beloved wife, Joan Templeman, has passed away aged 80.

The business mogul, 75, confirmed the sad news in a statement on Tuesday, writing that his love of 50 years had died.

He paid tribute to her parenting skills, to their two kids, and how she was adored by their grandchildren as he confirmed the sad news.

Richard Branson's wife Joan has died. Pic: Richard Branson Instagram  Richard Branson’s wife Joan has died. Pic: Richard Branson Instagram

In his moving message, he wrote: ‘Heartbroken to share that Joan, my wife and partner for 50 years, has passed away.

‘She was the most wonderful mum and grandmum our kids could have ever wished for.

‘She was my best friend, my rock, my guiding light, my world. Love you forever, Joan.’

Richard recalled the first meeting to mark their anniversary a number of years back, saying: ‘I often make up my mind about someone within 30 seconds of meeting them, and I fell for Joan almost from the moment I saw her.’

Joan was a down-to-earth Scottish lady, and I quickly realised she wouldn’t be impressed by my usual antics.’

Sir Richard Branson and wife Joan Templeman attend the ceremony honoring Sir Richard Branson with star on the Hollywood Walk of Fame on October 16, 2018 in Hollywood, California.  (Photo by Axelle/Bauer-Griffin/FilmMagic)Sir Richard Branson and wife Joan Templeman attend the ceremony honoring Sir Richard Branson with star on the Hollywood Walk of Fame in 2018. Pic: Axelle/Bauer-Griffin/FilmMagic

The couple tied the knot on Necker Island in 1989 and welcomed three children, Holly, Sam, and their late daughter Clare Sarah, their first child who passed away at four days old after being born prematurely.

No cause of death for Joan has been formally announced currently.