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Record results for Next Generation
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Next Generation has announced a 244 per cent rise in operating profit to £2.68m and turnover increased by 69.6 per cent to £20.8m in financial results for the year ending 31 December 2002.
The company has also announced a new financing deal underwritten by Bank of Scotland and The Royal Bank of Scotland to increase facilities from £82m to £90m.Managing director, Scott Lloyd, said: 'Our announcement demonstrates the strength of Next Generation clubs in a particularly challenging operating climate.'
He added that the company aims to open three further racquets and health clubs over the next 18 months, investing approximately £42m. Construction on a club in Cambridge has already begun and planning is underway for a further club in Hatfield, Hertfordshire - the group's twelfth.Next Generation has 60,000 members and attributes its success to taking an individual approach to each club, rather than a chain approach, tailoring clubs to the local area and including new concepts such as cinemas, homework areas, climbing walls, executive suites and kids' gyms.
The group is currently considering sites in Romford, Hertford, Blackpool, Leicester, Sheffield, Newton Mearns in Glasgow, Wolverhampton, Belfast and Gateshead.
Next Generation has announced a 244 per cent rise in operating profit to £2.68m and turnover increased by 69.6 per cent to £20.8m in financial results for the year ending 31 December 2002.
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