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Branson secures £100m for Virgin Active expansion
Sir Richard Branson's Virgin Active health club chain has secured £100m to fund a major expansion campaign.
Branson's Virgin Investments venture capital arm is providing a £70m cash injection, with the remaining £30m of debt funding from Heller Financial.
The investment will help Virgin Active become a key player in both the UK and European health club sectors - funding 17 new UK sites and providing a platform for openings in France, Germany, Italy and Spain.
Branson says the investment means more people will be able to join a high quality yet affordable operator: Since opening two years ago, Virgin Active has come to represent a new standard of choice and affordability to the sector. This financing will enable us to offer value for money for more people across the country, and become a top player worldwide.
Virgin Active has 11 UK clubs and 80 in South Africa, acquired from Leisurenet in April 2001.
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