Virgin Active's valuation slips in third quarter despite new openings
Leisure Opportunities
Job search
Job Search
see all jobs
Latest job opportunities
Burnley FC in the Community
£25,000 to £30,000 per annum
Burnley, UK
star job
Rugby, UK
Actif Sport and Leisure
£19,312* - £20,092* *Pro-rata
Carmarthen, UK
Leigh Sports Village
£18,950 - £22,302
Leigh Sports Village, Wigan, UK
Kirklees Active Leisure
Kirklees - Dewsbury/Huddersfield

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

Job opportunities
training opportunity
Les Mills
location: Nationwide, United Kingdom
Chesterton Sports Centre
£18,426 - £18,795 per annum, pro rata
location: Chesterton Community College and Sports Centre, Cambridge UK, United Kingdom
Kirklees Active Leisure
location: Kirklees - Dewsbury/Huddersfield, United Kingdom
more jobs

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 for FREE ezines & magazines
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.

More News

1 - 15 of 43,091
15 Jan 2021
Fitness First has launched a new free digital fitness hub, offering users a wide range of virtual classes and training sessions. Called FitX Player, the ... More
15 Jan 2021
The Gym Group has brought in Rio Ferdinand and Wais Shaifta as non-executive directors, signalling a broadening of its remit, new horizons and an intention ... More
14 Jan 2021
As the global vaccine rollout brings reopening closer and heralds the end of lockdowns, jostling is beginning for the resumption of live fitness industry events ... More
14 Jan 2021
Less than half (44.9 per cent) of children and young people in England met the recommended levels for exercise (60 minutes or more a day) ... More
13 Jan 2021
An England-wide survey of over 5,000 adults found that 80 per cent of people aged over 18 have made the decision to change their lifestyle ... More
12 Jan 2021
The government needs to provide the fitness and physical activity sector with a plan which will not only provide immediate, essential measures to secure its ... More
MyZone Group Ltd
MyZone Group Ltd
12 Jan 2021
Book4Time, a leading cloud-based business management solution for the global hospitality, spa and wellness industry, has received a significant growth investment from Serent Capital, a ... More
12 Jan 2021
Some Brits drop their exercise habits, eat unhealthily and drink more alcohol during lockdowns, according to research from the University of East Anglia (UEA). A ... More
12 Jan 2021
The Museum of Military Medicine in the UK has received planning approval for a new building in the city of Cardiff. As a result, the ... More
12 Jan 2021
ILMxLAB – a subsidiary of Lucasfilm – has launched a new virtual reality (VR)-based experience for visitor attractions. Based on the hugely popular Star Wars ... More
12 Jan 2021
Construction work has begun on the huge Shanghai International New Cultural and Creative esports Center. The 500,000sq m venue is estimated to cost around 5.8 ... More
11 Jan 2021
New year, new celeb workout as Mark ‘Bez’ Berry announces the launch of his own Joe Wicks-style youtube workout channel – Get Buzzin’ with Bez. ... More
TVS Sport Surfaces
TVS Sport Surfaces
08 Jan 2021
Frasers Group will open three new regional flagship Flannels-branded retail stores during 2021 – each of which will feature fitness studios. The Mike Ashley-owned retail ... More
07 Jan 2021
The closing of gyms, leisure centres and swimming pools under COVID-19 restrictions is costing the NHS £7.25m a week in lost social value. The figure ... More
07 Jan 2021
The UK physical activity sector will lose around £400m a month during lockdown. The figure, from industry body ukactive, is based on lost membership fees ... More
1 - 15 of 43,091