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Holmes Place to merge with Virgin Active
The Holmes Place health club brand is to disappear this year, following a merger with Richard Branson’s Virgin Active chain. Details are expected to be announced this week.
Following the takeover, the 47 Holmes Place gyms across the UK will be rebranded under the Virgin Active concept, increasing Virgin’s UK estate to 70 clubs.
This will make Virgin the second largest UK health club chain behind rival Fitness First.
Virgin has appointed investment bank UBS to conduct a refinancing of the enlarged health club chain once the deal has been signed.
According to The Independent, the combined operation is to be floated on the London Stock Exchange in approximately 18 months.