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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Battle for Virgin Active: restructure 'still possible'

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
Latest News
One in three councils in England are expecting to close at least one of their ...
Latest News
Indoor group exercise can recommence in England and Scotland today (17 May), as part of ...
Latest News
Thousands of health clubs, swimming pools and leisure centres are under the threat of permanent ...
Latest News
Fully vaccinated people in the US no longer need to wear a face mask whether ...
Latest News
Anytime Fitness UK has revealed that April was its busiest month for new memberships since ...
Latest News
HCM understands that Fitness International, which operates more than 700 health clubs under the LA ...
Latest News
A court has given Virgin Active the green light to erase the rent arrears it ...
Latest News
The Swimming Teachers' Association (STA) has partnered with a psychologist to provide new mindfulness and ...
HCM Magazine
Sponsored
Our product development team continued to work on innovations throughout 2020 and as a result we were able to launch two major product lines last year
HCM Magazine
Sponsored
We talk to Dave Wright, CEO of Myzone, about the world’s first interchangeable heart rate monitor that provides real-time feedback – and the impact of COVID-19
HCM Magazine
Research
Lack of exercise is a major cause of death from COVID-19, according to new research, with only advanced age and organ transplant leading to greater risk
HCM Magazine
Town planning
Over time, town planning has led to the creation of obesogenic environments, but Hamilton in New Zealand is taking a fresh approach to mobilising its population, by turning the city into a playground, as Kath Hudson reports
HCM Magazine
Sponsored
Hamilton’s Honour is Leicester’s newest fitness studio opening, with the latest innovation from Technogym. But this studio has a unique story, too. Owner Louis Hamilton tells us why he was determined to create such a special place
HCM Magazine
Sponsored
Matrix Fitness is launching a new three-tiered cardio range to provide total versatility, explains Matt Pengelly
HCM Magazine
Policy
The health and fitness industry felt as though it wasn’t invited to its own party when news of the government’s Fit Miles programme broke. But what does it actually mean and is it good or bad news for the sector? Kath Hudson investigates
HCM Magazine
HCM magazine
Switzerland’s no frills chain, NonStop Gym, has appointed Funxtion to create its member training app, as CEO Ernst De Neef explains
HCM magazine
When women train on half-truths and crap science it’s painfully limiting
HCM magazine
We’re going after health club and spa management contracts for hotels and independent gyms and also planning to launch a You Fit franchise
Opinion
promotion
The UK’s first dedicated leisure development framework has completed its first four-year term with £144m committed investment in public leisure projects.
Opinion: UK’s first leisure framework celebrates £144m investment in public leisure
Featured supplier news
Featured supplier news: Connect for success with Precor
Members are returning post-lockdown expecting a fully integrated service, meaning digital connectivity has never been more important.
Featured supplier news
Featured supplier news: New consumer expectations demand an exceptional customer experience
fibodo believes that providers who meet consumers needs of service, flexibility, richness of content and accessibility will thrive as we build new and different models of working in leisure, health and fitness and across all sports and activities.
Company profiles
Company profile: FIBO Global Fitness
FIBO Global Fitness is the leading international trade show for fitness, wellness & health....
Company profiles
Company profile: Technogym
Founded in 1983, Technogym is a world-leading international supplier of technology and design-driven products and ...
Supplier Showcases
Supplier showcase - Funxtion
Catalogue Gallery
Click on a catalogue to view it online
Directory
Spa software
SpaBooker: Spa software
Skincare
Comfort Zone - Davines S.p.A: Skincare
Management software
Premier Software Solutions: Management software
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Wearable technology solutions
MyZone: Wearable technology solutions
Red Light Therapy
 Red Light Rising: Red Light Therapy
Architects/designers
Zynk Design Consultants: Architects/designers
Property & Tenders
Pendine Sands, Carmarthenshire
Carmarthenshire County Council
Property & Tenders
Diary dates
07-09 Jun 2021
Virtual summit,
Diary dates
12 Jun 2021
Worldwide, Various,
Diary dates
13-14 Jun 2021
Online,
Diary dates
01-04 Jul 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
18-19 Sep 2021
Locations worldwide,
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
28-29 Sep 2021
ExCeL London, London, United Kingdom
Diary dates
04-07 Nov 2021
Exhibition Centre , Cologne, Germany
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates

News

Battle for Virgin Active: restructure 'still possible'

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

One in three councils in England are expecting to close at least one of their
Indoor group exercise can recommence in England and Scotland today (17 May), as part of
Thousands of health clubs, swimming pools and leisure centres are under the threat of permanent
Fully vaccinated people in the US no longer need to wear a face mask whether
Anytime Fitness UK has revealed that April was its busiest month for new memberships since
HCM understands that Fitness International, which operates more than 700 health clubs under the LA
FIBO Exhibition
FIBO Exhibition
Members are returning post-lockdown expecting a fully integrated service, meaning digital connectivity has never been
A court has given Virgin Active the green light to erase the rent arrears it
The Swimming Teachers' Association (STA) has partnered with a psychologist to provide new mindfulness and
A report commissioned by Parkrun has estimated that allowing mass-participation outdoor events carries an "exceptionally
Jan Spaticchia, founder and chair of énergie Fitness has died aged 51 following a short
A new pioneering approach looks to help cancer patients prepare for and respond to treatment
Peloton is recalling all of its Tread and Tread+ machines in the US, after striking
Safe Space Lockers
Safe Space Lockers
Marc Jones has joined Fitronics, the company behind The Retention People (TRP) and CoursePro, in
Health club operator Bannatyne is repositioning itself as a wellness provider, as it looks to
Health clubs and leisure centres in Northern Ireland reopened their doors on Friday 30 April,
It's time to refocus on the changing needs of older adults, according to a new
In breaking news, HCM understands that David Lloyd Leisure's Glenn Earlam will move from his
Sport England has reported a drop of 710,000 in the number of people classed as
Independent gyms in the UK have fared better during the pandemic than larger corporate operators
Crown Sport Lockers (UK) Ltd
Crown Sport Lockers (UK) Ltd
fibodo believes that providers who meet consumers needs of service, flexibility, richness of content and
Actor Mark Wahlberg has officially joined Power Plate as an investor in parent company, Performance
Fitness and health are priority areas of expenditure for consumers in six key nations around
Advance Gym
Advance Gym
1 - 20 of 11,888
HCM Magazine
Sponsored
Our product development team continued to work on innovations throughout 2020 and as a result we were able to launch two major product lines last year
HCM Magazine
Sponsored
We talk to Dave Wright, CEO of Myzone, about the world’s first interchangeable heart rate monitor that provides real-time feedback – and the impact of COVID-19
HCM Magazine
Research
Lack of exercise is a major cause of death from COVID-19, according to new research, with only advanced age and organ transplant leading to greater risk
HCM Magazine
Town planning
Over time, town planning has led to the creation of obesogenic environments, but Hamilton in New Zealand is taking a fresh approach to mobilising its population, by turning the city into a playground, as Kath Hudson reports
HCM Magazine
Sponsored
Hamilton’s Honour is Leicester’s newest fitness studio opening, with the latest innovation from Technogym. But this studio has a unique story, too. Owner Louis Hamilton tells us why he was determined to create such a special place
HCM Magazine
Sponsored
Matrix Fitness is launching a new three-tiered cardio range to provide total versatility, explains Matt Pengelly
HCM Magazine
Policy
The health and fitness industry felt as though it wasn’t invited to its own party when news of the government’s Fit Miles programme broke. But what does it actually mean and is it good or bad news for the sector? Kath Hudson investigates
HCM Magazine
HCM magazine
Switzerland’s no frills chain, NonStop Gym, has appointed Funxtion to create its member training app, as CEO Ernst De Neef explains
HCM magazine
When women train on half-truths and crap science it’s painfully limiting
HCM magazine
We’re going after health club and spa management contracts for hotels and independent gyms and also planning to launch a You Fit franchise
HCM magazine
Groundbreaking research from around the world is proving the many ways exercise can support health and creating opportunities for the sector to be more valued and useful
HCM magazine
Prescribe exercise, not painkillers, to chronic pain sufferers, says the UK’s National Institute for Health and Care Excellence, as Tom Walker reports
HCM magazine
For years the health and fitness sector has aspired to be taken seriously by the health sector. Is now the time? asks Kath Hudson
HCM magazine
"Prescribing exercise will always be preferential to prescribing painkillers, given the risks associated with their long-term use"
HCM magazine
Our strategy is to position ourselves as a wellness provider. We have all the elements needed – gyms, physiotherapy, F&B and spas
HCM magazine
As we adapt to a new way of living, software developers have been supporting the fitness sector with new systems and strategies. We asked operators and developers to share successes
HCM magazine
Opinion
promotion
The UK’s first dedicated leisure development framework has completed its first four-year term with £144m committed investment in public leisure projects.
Opinion: UK’s first leisure framework celebrates £144m investment in public leisure
Featured supplier news
Featured supplier news: Connect for success with Precor
Members are returning post-lockdown expecting a fully integrated service, meaning digital connectivity has never been more important.
Featured supplier news
Featured supplier news: New consumer expectations demand an exceptional customer experience
fibodo believes that providers who meet consumers needs of service, flexibility, richness of content and accessibility will thrive as we build new and different models of working in leisure, health and fitness and across all sports and activities.
Company profiles
Company profile: FIBO Global Fitness
FIBO Global Fitness is the leading international trade show for fitness, wellness & health....
Company profiles
Company profile: Technogym
Founded in 1983, Technogym is a world-leading international supplier of technology and design-driven products and ...
Supplier Showcases
Supplier showcase - Funxtion
Catalogue Gallery
Click on a catalogue to view it online
Directory
Spa software
SpaBooker: Spa software
Skincare
Comfort Zone - Davines S.p.A: Skincare
Management software
Premier Software Solutions: Management software
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Wearable technology solutions
MyZone: Wearable technology solutions
Red Light Therapy
 Red Light Rising: Red Light Therapy
Architects/designers
Zynk Design Consultants: Architects/designers
Property & Tenders
Pendine Sands, Carmarthenshire
Carmarthenshire County Council
Property & Tenders
Diary dates
07-09 Jun 2021
Virtual summit,
Diary dates
12 Jun 2021
Worldwide, Various,
Diary dates
13-14 Jun 2021
Online,
Diary dates
01-04 Jul 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
18-19 Sep 2021
Locations worldwide,
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
28-29 Sep 2021
ExCeL London, London, United Kingdom
Diary dates
04-07 Nov 2021
Exhibition Centre , Cologne, Germany
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
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Technogym
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