Virgin boss Sir Richard Branson dresses as an air stewardess and serves drinks on Air Asia flight to honour Formula 1 bet with Tony Fernandes

Sir Richard Branson might think again before making a bet with a fellow billionaire.

The Virgin boss waxed his legs, donned lipstick and an air stewardess's outfit to serve drinks on an Air Asia flight after losing a bet with the fleet's owner, Tony Fernandes. He retained his leonine beard.

The pair had bet on which one of the their Formula One racing teams would cross the line first in their debut season of the 2010 Formula One Grand Prix, in Abu Dhabi. The loser, stipulated the wager, would serve drinks on board the winner's airline.

Branson said: "It's true we both had Grand Prix teams and I was absolutely certain that I was going to win, and I thought it would look very fetching for Tony to be in a Virgin Atlantic stewardess outfit.

"Something went wrong."

Branson posed for photos with Fernandes - who also owns Queens Park Rangers - leaping into his arms and giving him a kiss on the lips.

During the flight, Branson had to pour tea and coffee, serve meals, and make in-flight announcements.

Whilst serving the drinks, he spilled a whole tray of juice over Fernandes.

"I wanted to kill him actually," the Malaysian told reporters.

"He looked at me, I said, 'don't you dare,' and the next thing I know, he tipped the whole tray on me. He and the girls mopped it up, but I was walking around the flight in my underwear for a while because I didn't bring another pair of trousers."

Upon arrival in Kuala Lumpur, Branson told reporters he was relieved to have honoured the bet at last.

"We had a fun day, glad to have got his bet over and done with, and I'm looking forward to getting back into my own clothes," he said.