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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg
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tbc, Dunedin, New Zealand
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News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg

News

Xponential Fitness has acquired Body Fit Training in a deal worth US$44m. The deal takes
Exercise has been highlighted as a crucial weapon in cancer patients’ battle against the disease.
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Nadine Dorries, the recently appointed secretary of state for digital, culture, media and sport at
Mindbody has announced it's buying ClassPass, the consumer wellness subscription service that enables people to
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Tanni Grey-Thompson has outlined her vision on how the physical activity sector can play "the
The Global Health & Fitness Alliance (GHFA) has revealed the makeup of its inaugural nine-member
The 40th Annual IHRSA International Convention & Trade Show (IHRSA 2021) begins today in Dallas,
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HCM Magazine
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GLL is best known for running leisure facilities on behalf of local authorities across the UK, but a lesser-known part of its remit is its GLL Sport Foundation which supports Olympic hopefuls. Liz Terry finds out more
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Sponsored
Active IQ is launching courses to upskill fitness professionals to work in social prescribing, extending the reach of the industry
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Fuel the debate about issues and opportunities across the industry. We’d love to hear from you – [email protected]
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Editor's letter
The appetite for health clubs is strong among consumers and investors – to take advantage of this, operators must figure out how to meet key challenges in operationally sustainable ways
HCM Magazine
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The Gym Group has taken its digital hybrid strategy full circle, piloting in-gym workout pods and studios with its home workout delivery partner, Fiit. HCM talks to the team driving the project
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HCM magazine
This year’s edition of the IHRSA Global Report which addresses performance from 2020, is a valuable record of the tremendous impact of the COVID-19 pandemic on the sector, creating a benchmark from which to understand the recovery. Kristen Walsh reports for HCM
HCM magazine
HCM People

Danielle Obe

Chair, The Black Swimming Association
Our vision is a future with ethnic diversity in aquatics
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I’d like to see the gym sector help champion the social prescribing agenda, as a route to getting more people engaged in physical activity
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Featured supplier news
Featured supplier news: Surge integrates Fisikal with HubSpot to drive business efficiencies and grow revenue
As Surge expands its offer with the launch of a third dedicated Electronic Muscle Stimulation (EMS) studio this summer – this time in Fleet Street, London – the brand reflects on the vital role of its estate wide digital ecosystem, created in partnership with Fisikal, designed to drive business efficiencies and commercial success.
Featured supplier news
Featured supplier news: Uptivo: Individual and group heart rate tracking
Uptivo is an all-in-one digital solution for fitness clubs, fitness boutique studios and personal trainers that provides powerful tools to schedule activities, manage member payments, and monitor heart rate both for remote and on-site classes.
Featured operator news
Featured operator news: Being active helps Parkwood Leisure customers save the NHS £16m
Parkwood Leisure, one of the UK’s leading public leisure facilities operators, helped prevent more than 7,000 cases of stroke, dementia, depression and type 2 diabetes in 2019, saving the NHS £16 million, a new social value report has shown.
Featured operator news
Featured operator news: Everyone Active generates £342m in social value
Award-winning leisure operator Everyone Active generated £342million in social value at its sites across the country in 2019/20.
Company profiles
Company profile: Proinsight Mystery Shopping
We take time at the outset to understand your unique customer journey. Then we work ...
Company profiles
Company profile: Mediana Co., Ltd.
Mediana specialises in the manufacture of medical and health care devices, such as body composition ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Fitness equipment
Octane Fitness: Fitness equipment
Skincare
Sothys: Skincare
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Wearable technology solutions
MyZone: Wearable technology solutions
Architects/designers
Zynk Design Consultants: Architects/designers
Management software
Premier Software Solutions: Management software
Uniforms
Service Sport: Uniforms
Salt therapy products
Himalayan Source: Salt therapy products
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Property & Tenders
Welwyn Garden City
Welwyn Hatfield Borough Council
Property & Tenders
Newport, Shropshire
Lilleshall Sports Academy
Property & Tenders
Diary dates
01-03 Feb 2022
Coventry Building Society Arena, Coventry, United Kingdom
Diary dates
07-10 Apr 2022
Exhibition Centre , Cologne, Germany
Diary dates
15-16 Jun 2022
ExCeL London, London, United Kingdom
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
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