<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
            Information Statement Pursuant to Rules 13d-1 and 13d-2
                               Amendment No. 1


                             Universal Corporation
                        -----------------------------
                                (Name of Issuer)
                                      


                                  Common Stock
                        -----------------------------
                         (Title of Class of Securities)



                                   913456109
                        -----------------------------
                                 (CUSIP Number)



     Check the following box if a fee is being paid with this statement        .
                                                                        -------

     (A fee is not required only if the filing person:  (1) has a previous
     statement on file reporting beneficial ownership of more than five percent
     of the class of securities described in item 1: and (2) has filed no
     amendment subsequent thereto reporting beneficial ownership of five percent
     or less of such class.)  (See Rule 13d-7.)



                         (Continued on following pages)

<PAGE>
 
- ----------------
CUSIP NO.
913456109
- ----------------


- -------------------------------------------------------
1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person

     The Goldman Sachs Group, L.P.
- -------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____
- -------------------------------------------------------
3.   SEC Use Only


- -------------------------------------------------------
4.   Citizenship or place of Organization
 
           Delaware
- -------------------------------------------------------

<TABLE>
<CAPTION>
 
<S>            <C> <C>
Number of       5  Sole Voting Power
Shares
Beneficially              0
Owned By        --------------------------
Each            6  Shared Voting Power
Reporting                 1,730,700
Person With     --------------------------
                7  Sole Dispositive Power

                          0
                --------------------------
                8  Shared Dispositive Power

                          2,366,500
                --------------------------
</TABLE>

9.   Aggregate Amount Beneficially Owned by Each Reporting Person

     2,366,500
- -------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
- -------------------------------------------------------

11.  Percent of Class Representing by Amount in Row (9)

      6.8%
- -------------------------------------------------------
12.  Type of Reporting Person

        HC-PN
- -------------------------------------------------------

<PAGE>
 
- ----------------
CUSIP NO.
913456109
- ----------------


- -------------------------------------------------------
1.   Name of Reporting Person
     S.S. or  I.R.S. Identification No. of  Above Person

     Goldman, Sachs & Co.

- -------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a)
                                         (b) _____

- -------------------------------------------------------
3.   SEC Use Only

- -------------------------------------------------------

4.   Citizenship or place of  Organization

               New York
- -------------------------------------------------------

<TABLE>
<CAPTION>
<S>            <C> <C>
Number of       5  Sole Voting Power
Shares
Beneficially              0
Owned By        --------------------------
Each            6  Shared Voting Power
Reporting                 1,730,700
Person With     --------------------------
                7  Sole Dispositive Power

                          0
                --------------------------
                8  Shared Dispositive Power

                          2,366,500
                --------------------------
</TABLE>


9.   Aggregate Amount Beneficially Owned by Each Reporting Person

      2,366,500
- -------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
- -------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

      6.8%
- -------------------------------------------------------
12.  Type of Reporting Person

       BD-PN-IA
- -------------------------------------------------------

<PAGE>
 
     Item 4.      Ownership.

            (a).  Amount beneficially owned:
                  See the responses(s) to Item 9 on the attached cover page(s).

            (b).  Percent of class:
                  See the response(s) to Item 11 on the attached cover page(s).

            (c).  Number of shares as to which such person has:

                  (i)    Sole power to vote or to direct the vote:
                           See the response(s) to Item 5 on the attached cover
                           page(s).

                  (ii)   Shared power to vote or direct the vote:
                           See the response(s) to Item 6 on the attached cover
                           page(s).

                  (iii)  Sole power to dispose or to direct the disposition of:
                           See the response(s) to Item 7 on the attached cover
                           page(s).

                  (iv)   Shared power to dispose or to direct the disposition
                           of:
                           See the response(s) to Item 8 on the attached cover
                           page(s).

 
     Item 10.     Certification.

                  By signing below I certify that, to the best of my
                  knowledge and belief, the securities referred to above were
                  acquired in the ordinary course of business and were not
                  acquired for the purpose of and do not have the effect of
                  changing or influencing the control of the issuer of such
                  securities and were not acquired in connection with or as a
                  participant in any transaction having such purpose or effect.

<PAGE>
 
                                  SIGNATURE

          After reasonable inquiry and to the best of my knowledge and belief,
          I certify that the information set forth in this statement is
          true, complete and correct.


Date:  February 14, 1996


                                    THE GOLDMAN SACHS GROUP, L.P.


                                    By: /s/ David B. Ford
                                        -------------------------------------
                                    Name:    David B. Ford
                                    Title:   General Partner



                                    GOLDMAN, SACHS & CO.


                                    By: /s/ David B. Ford
                                        -------------------------------------
                                    Name:    David B. Ford
                                    Title:   General Partner