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.
Founded in 2014, London-based IOTIC developed a novel platform (the “Platform”) to help organisations securely share and connect data across systems and teams. At its core is the Company’s proprietary “Digital Twin” technology, which creates virtual...
Specialising in the manufacture of cable and wire harnesses, the company provides a manufacturing facility which provides services such as wire stripping, electromechanical assembly, bespoke box builds, and modifications.
The business specialises in providing long-term, community-based care for individuals with complex physical and mental health needs. The company operates on a B2B basis, primarily focusing on providing support for individuals across the West Midlands...
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.