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FIBO Exhibition
FIBO Exhibition
FIBO Exhibition
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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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Supplier Showcases
Supplier showcase - Gympass
Catalogue Gallery
Click on a catalogue to view it online
Directory
Salt therapy products
Himalayan Source: Salt therapy products
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Management software
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Lockers/interior design
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Diary dates
13-14 Oct 2021
Online,
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

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

People should concentrate on exercise and staying fit – rather than dieting and weight loss
Sibec Europe, scheduled to take place in Cologne, Germany, from 2 to 5 November 2021,
Swim England has warned that 2,000 swimming pools could be lost forever unless the government
Sports Minister, Nigel Huddleston, has joined gym-goers this morning to kick-off the annual National Fitness
A new high-end workspace, designed for the use of personal trainers, coaches and other health
VAT reform, adjustments in business rates and a fitness-led high street regeneration push could see
FIBO Exhibition
FIBO Exhibition
The best in class of the physical activity sector have been revealed at the ukactive
Peloton has completed the merging of its commercial operations with Precor, the equipment brand it
Half of UK adults aren't happy with their physical fitness levels, according to a study
Temporary measures brought in to support businesses in the UK from insolvency during the pandemic
Nadine Dorries has replaced Oliver Dowden as the Secretary of State for Digital, Media, Culture
In a major move against the gym market, Apple has revealed a number of upgrades
Physical activity professionals in England will soon be able to access free, one-to-one learning with
Innovatise UK Ltd
Innovatise UK Ltd
Life Fitness has unveiled the new Integrity SL, its connected LED console designed for the
Fitness equipment giant Nautilus has acquired VAY, a firm specialising in AI and motion technology.
An award celebrating outstanding individuals in the fitness sector is to be named in honour
David Lloyd Leisure (DLL) has reorganised its top team in order to expand its estate
Downtown Miami’s upcoming mixed-use development Legacy Hotel & Residences has signed a joint venture deal
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3d Leisure has acquired franchised studio operator Yourzone45 from Elms Fitness Group for an undisclosed
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People's fitness goals are extremely diverse – ranging from an elite athlete focused on the
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Life Fitness (UK) Ltd
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HCM Magazine
Insight
Although 46% of people identified themselves as overweight, 25% of those admitted they are not actively trying to change this
HCM Magazine
Sponsored
Les Mills is launching a new digital network called Les Mills Connect to help clubs build back better and emerge from the pandemic with a stronger business
HCM Magazine
Sponsored
Andy Janes and Jamie Whisken explain the vision behind R1SE Bournemouth, and why Technogym was their choice of partner in delivering their unique fusion boutique
HCM Magazine
Letters
Fuel the debate about issues and opportunities across the industry. We’d love to hear from you – [email protected]
HCM Magazine
Statistics
How have consumers responded to the end of lockdowns? Cesar Carvalho shares some bounceback numbers with HCM
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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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Policy
Generations rarely have the opportunity to reset public opinion and effect behaviour change for good, but post-pandemic two unequal movements with a lot in common will be the focus of governments, says David Minton
HCM Magazine
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HCM people

David Beckham

Global partner, F45
This partnership with F45 is an exciting business venture for me
HCM magazine
Life Fitness introduces Integrity SL, the next-generation LED console with intuitive functionality and digital connectivity
HCM magazine
Booming membership sales, busy suburban clubs and members visiting during the working day. Operators are reporting it’s good to be back. Kath Hudson finds out what business has been like since the re-set button was pressed
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Colin Waggett

CEO, Third Space
We first started talking to KSL over two years ago, so this was not a rushed partnership
HCM magazine
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Changes to DNA which occur during exercise give protection against a wide range of diseases, according to new research from the Univesity of Copenhagen
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Running booms when health clubs and gyms are closed. Could this enthusiasm result in treadmill training becoming the new spinning? Kath Hudson reports
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Featured supplier news
Featured supplier news: Will your business last without digital transformation?
During the pandemic, a digital transformation took off faster than anyone could have predicted with meetings in person cancelled and millions working from home.
Featured supplier news
Featured supplier news: Power Plate teams up with Myzone for a new exercise experience
Power Plate has teamed up with Myzone to provide its community with new class experiences and the opportunity to offer rewards based on effort, every time they move.
Featured operator news
Featured operator news: Everyone Active bolsters Everyone on Demand and enters second year with five new partnerships
Everyone Active has signed a number of new deals which will see the operator strengthen its digital product offering, Everyone on Demand.
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.
Company profiles
Company profile: REGUPOL BSW GmbH
REGUPOL is one of the leading suppliers of sports and safety flooring, anti-slip mats for ...
Company profiles
Company profile: Keiser UK LTD
For more than four decades, Keiser has influenced the training of athletes, fitness enthusiasts and ...
Supplier Showcases
Supplier showcase - Gympass
Catalogue Gallery
Click on a catalogue to view it online
Directory
Salt therapy products
Himalayan Source: Salt therapy products
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Management software
Premier Software Solutions: Management software
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Red Light Therapy
 Red Light Rising: Red Light Therapy
Uniforms
Service Sport: Uniforms
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Whole body cryotherapy
Art of Cryo: Whole body cryotherapy
Architects/designers
Zynk Design Consultants: Architects/designers
Property & Tenders
Welwyn Garden City
Welwyn Hatfield Borough Council
Property & Tenders
Newport, Shropshire
Lilleshall Sports Academy
Property & Tenders
Diary dates
13-14 Oct 2021
Online,
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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FIBO Exhibition
FIBO Exhibition