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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Virgin Active's valuation slips in third quarter despite new openings

Virgin Active's value took a slight dip in the third quarter of the financial year, according to South African investment firm Brait - the fitness operator's controlling shareholder.

A trading update said that Virgin Active's valuation in Pound Sterling was £896m (US$1.1bn; €1.1bn) at the end of the three-month period to 31 December 2016, down 0.9 per cent from £904m (US$1.1bn; €1.1bn) in the previous quarter.

Its valuation in South African Rand decreased by 5.7 per cent. The fitness operator's net asset value (NAV) stood at ZAR15.2bn (£0.9bn; US$1.2bn; €1.1bn) in the third quarter, from ZAR16.1bn (£1bn; US$1.2bn; €1.2bn) in the previous three-month period.

Brait bought an 80 per cent stake of Virgin Active in April 2015.

It is now 30 per cent of Brait’s NAV and has replaced New Look as the group’s largest holding after the clothing retailer's value plummeted during the third-quarter period. Brait's other two major assets are supermarket chain Iceland and food producer Premier.

Virgin Active opened 16 clubs worldwide in 2016, taking the operator's portfolio number to 255, with global adult membership at 1.2 million at the end of the year.

Thirteen clubs opened in South Africa, two in Thailand and one in Singapore. The openings included four flagship Collection clubs in Cape Town, Pretoria, Singapore and Bangkok, six Lifecentre clubs and five RED clubs in South Africa, and a Lifecentre club in Thailand.

The number of clubs the fitness operator runs will go down once the sale of 16 clubs to David Lloyd Leisure goes through, a deal which was announced last week.

The trading update said the offloading of the clubs was the "final significant step in focusing its UK operations, in accordance with its international strategy, on metropolitan and commuter hubs in key markets", and that the sites had delivered "a compelling valuation".

Brait said Virgin Active would continue its upgrade programme in 2017 and operate 45 clubs in the UK, 33 of which are in London.

It added: "Virgin Active’s commitment to product innovation and an outstanding member experience was evidenced in 2016 with the further rollout of the Grid (a high intensity floor based functional training class) across more of the estate; the introduction of the Pack (a revolutionary group cycle product) into all major territories and significant enhancements to its digital offering."

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Virgin Active's value took a slight dip in the third quarter of the financial year, according to South African investment firm Brait – the fitness operator's controlling shareholder.
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THUMB17274_235115.jpg
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News

Virgin Active's valuation slips in third quarter despite new openings

Virgin Active's value took a slight dip in the third quarter of the financial year, according to South African investment firm Brait - the fitness operator's controlling shareholder.

A trading update said that Virgin Active's valuation in Pound Sterling was £896m (US$1.1bn; €1.1bn) at the end of the three-month period to 31 December 2016, down 0.9 per cent from £904m (US$1.1bn; €1.1bn) in the previous quarter.

Its valuation in South African Rand decreased by 5.7 per cent. The fitness operator's net asset value (NAV) stood at ZAR15.2bn (£0.9bn; US$1.2bn; €1.1bn) in the third quarter, from ZAR16.1bn (£1bn; US$1.2bn; €1.2bn) in the previous three-month period.

Brait bought an 80 per cent stake of Virgin Active in April 2015.

It is now 30 per cent of Brait’s NAV and has replaced New Look as the group’s largest holding after the clothing retailer's value plummeted during the third-quarter period. Brait's other two major assets are supermarket chain Iceland and food producer Premier.

Virgin Active opened 16 clubs worldwide in 2016, taking the operator's portfolio number to 255, with global adult membership at 1.2 million at the end of the year.

Thirteen clubs opened in South Africa, two in Thailand and one in Singapore. The openings included four flagship Collection clubs in Cape Town, Pretoria, Singapore and Bangkok, six Lifecentre clubs and five RED clubs in South Africa, and a Lifecentre club in Thailand.

The number of clubs the fitness operator runs will go down once the sale of 16 clubs to David Lloyd Leisure goes through, a deal which was announced last week.

The trading update said the offloading of the clubs was the "final significant step in focusing its UK operations, in accordance with its international strategy, on metropolitan and commuter hubs in key markets", and that the sites had delivered "a compelling valuation".

Brait said Virgin Active would continue its upgrade programme in 2017 and operate 45 clubs in the UK, 33 of which are in London.

It added: "Virgin Active’s commitment to product innovation and an outstanding member experience was evidenced in 2016 with the further rollout of the Grid (a high intensity floor based functional training class) across more of the estate; the introduction of the Pack (a revolutionary group cycle product) into all major territories and significant enhancements to its digital offering."

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Virgin Active's value took a slight dip in the third quarter of the financial year, according to South African investment firm Brait – the fitness operator's controlling shareholder.
NULL,
THUMB17274_235115.jpg

News

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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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Colin Grant

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Featured supplier news
Featured supplier: How Gympass reinvented wellbeing
Over the last year, fitness and wellness organisations have faced challenges like never before. When gyms closed and members needed alternative support to keep up their health and wellbeing routines, Gympass swiftly pivoted its business model to offer a wealth of digital solutions for its partners.
Featured supplier news
Featured supplier: What does a socially distanced leisure centre and health club look like?
The world has had to get used to social distancing in 2020 and any business operating in the leisure and hospitality sectors has had to face this challenge more than most.
Company profiles
Company profile: Xn Leisure Systems Ltd
Xn Leisure is a provider of cutting-edge health and fitness software, offering exceptional service to ...
Company profiles
Company profile: Proinsight Research Ltd
We take time at the outset to understand your unique customer journey. Then we work ...
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Catalogue Gallery
Click on a catalogue to view it online
Directory
Management software
Premier Software Solutions: Management software
Spa software
SpaBooker: Spa software
Uniforms
Service Sport: Uniforms
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Whole body cryotherapy
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Diary dates
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Diary dates
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Online,
Diary dates
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ExCeL London, London, United Kingdom
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Expo Centre & Riviera di Rimini, Italy
Diary dates
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HID Global
HID Global