Oldfield, 63, has known the entrepreneur for more than four decades, with his 1973 album Tubular Bells helping Branson, 66, launch his Virgin Records label.

Branson has now built a multi-billion dollar business empire, with his latest project Virgin Galactic aiming to provide commercial space travel.

A number of celebrities, including Ashton Kutcher and Leonardo DiCaprio, were rumoured to be signed up to join the business guru on the first official flight.

Despite Oldfield’s interest in outer space, he refuses to fly with the businessman and adventurer due to a bad experience in a hot air balloon.

"I wouldn't like to go in a spaceship with him, no," Oldfield tells Britain's Uncut magazine.

Explaining his aversion to flying with Branson he says, "I once made the mistake of going in a balloon with Richard Branson. He was the pilot, and we came very close to going down one of the chimneys at Didcot power station (in England). Finally, after flying so high that we were out of options we crash landed on a bakery in Oxford. We had to be rescued by the fire brigade. I made my mind up then that anything that's to do with Richard and flying, I don't want to be part of it - unless it's a proper aeroplane with a proper pilot."

Despite Branson initially stating that he aimed to take paying customers into space by 2009, Virgin Galactic has been hit by a number of setbacks which have delayed the ambitious timetable.

In 2014, a test pilot was killed when Virgin Galactic’s spacecraft, SpaceShip Two, crashed into California's Mojave Desert.

Although he refuses to travel with Branson, Oldfield is still keen to get to space, but hopes he can wait until the journey has become a little more routine.

"I'd love to go to space if it would be comfortable, like Star Trek, with anti-gravity and a bar like on the Enterprise. But it's a bit early days of space travel for me to be interested,” he said.