Virgin Gyms Set for £1bn-plus Tag
Saturday, June 5, 2010 19:51
Sir Richard Branson is said to be reviving plans to float the Virgin Active gym chain later in 2010 with a likely price tag of more than £1bn. According to some sources, it is said that Branson is talking to potential advisers about a stock market listing for the business in which he is expected to retain a significant stake.
Virgin Active, which has 187 clubs, announced last month that the 2009 profits of the company before interest and tax payments rose by 18% to a record of £101m. Revenue increased 15% to £391m, while the membership is up at 919000.
It is believed that though the markets were experiencing some uncertainty, Virgin Active would prove attractive to the investors due to a strong management team and a solid record of growth.
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