Wed, 15 Jun 2016 | DIVISION SALE
Virgin Active has slimmed down its portfolio of UK fitness clubs by selling 35 of its gyms to Nuffield Health in a deal thought to be worth around £80 million.
Loss-making Virgin Active had a portfolio of 96 fitness clubs across the UK before the sale went through in mid June 2016. The fitness group has said that the sale would sharpen its focus on upmarket facilities, which it brands as Collection clubs, as well as its large family-friendly clubs and tennis venues in the UK.
Virgin Active reported full-year losses of £87 million in its most recent financial statement, although this was closed slightly from £91 million the year before. There was a healthy 15 per cent jump in underlying earnings to £133.5 million, the company reported as the recent Nuffield Health deal was announced.
The sale is expected to be completed by the end of 2016, although which gyms have been earmarked for the switch has yet to be revealed. Nuffield Health, which is headquartered in Surrey, will see its roster of health and wellbeing gyms increase from 77 sites to 112. The organisation also operates 31 hospitals and around 200 corporate health and wellbeing units across the country.
Steve Gray, the chief executive of Nuffield Health, said: “This acquisition is a great move forward and allows us to increase the pace of delivery of our strategy and our charitable purpose, to help people achieve, maintain and recover to the level of health and wellbeing they aspire to.
“This acquisition will increase our reach in key sought-after locations and allow both members and non-members access to broader health and wellbeing services as well as proximity to Nuffield Health hospitals. I'm delighted to welcome new members and teams to the Nuffield Health family and firmly believe that they will benefit from our broader health and wellbeing model.”
For more information, see other health and lifestyle businesses for sale.
Established in 1994, these three handsomely presented and fully-equipped unisex hair salons are located in a prominent trading location.
Established vehicle display is located in a Berkshire prominent main toad. The business boats an excellent reputation and customer base.
LEASEHOLD
Established 2019, this logistics company can be managed from anywhere. The business comes with reliable executives already in place.
19
|
Apr
|
Building services consultancy moves to employee ownership | MBO/MBI
A building services consultancy in the North East has moved ...
19
|
Apr
|
US firm acquires Somerset employee management provider | BUSINESS SALE
An employee management services firm based in Somerset has b...
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
08
|
Oct
|
2018: Top Track 250 | BUSINESS NEWS
It's often difficult for businesses to achieve growth o...
16
|
Apr
|
Virgin Active completes business sale | BUSINESS SALE
Virgin Active has completed its sale to the private-equity d...
06
|
Jul
|
British Land mulling property acquisition | BUSINESS SALE
Property investor British Land is considering making a &poun...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.