Virgin Active
Virgin Active is a chain of health clubs in South Africa, Italy, Spain, Portugal, Australia and the United Kingdom. The company launched in 1998[1] in Preston, Lancashire[2] as part of Richard Branson's Virgin Group.
In South Africa the company bought the assets of the 'Health and Racquet Club' chain after the latter's parent company, Leisurenet, had been placed in liquidation in October 2000[3] for 319.6 million South African Rand (approximately £24.5m as at November 2011).[4] In 2002, by which point the company had 350,000 members, Branson sold 55 percent of the company to Bridgepoint Capital for £40 million.[2]
It subsequently expanded its operations in 2004 to Italy[5]. By 2005 the company had 25 clubs in the UK, 77 clubs in South Africa and 12 clubs in Continental Europe.[6] It opened its first Australian club in Sydney in late 2008.[7]
In 2005, Branson bought out Bridgepoint's stake in the business for £134.5 million.[6]
On November 1, 2006 it took over the UK-based operation of the more prestigious Holmes Place chain, thus increasing its UK chain of clubs from 24 to 72 overnight.[8]
On April 26, 2011 it announced the takeover of UK gym operator Esporta's 55 clubs increasing the UK business to 124 clubs. [9]
[edit] External links
- Virgin Group Homepage
- Virgin Active Australia
- Virgin Active Italy
- Virgin Active Portugal
- Virgin Active South Africa
- Virgin Active Spain
- Virgin Active UK
[edit] References
- ^ "Branson set to pump £110m from health clubs sale into..". The Independent. 25 February 2002. http://www.independent.co.uk/news/business/news/branson-set-to-pump-acircpound110m-from-health-clubs-sale-into-virgin-mobile-661947.html. Retrieved 28 November 2011. "The group, which started Virgin Active in 1998, said it would pump the proceeds into developing Virgin Mobile,"
- ^ a b Reece, Damian (24 February 2002). "Branson sells health stake to buy new island". The Telegraph. http://www.telegraph.co.uk/finance/2754635/Branson-sells-health-stake-to-buy-new-island.html. Retrieved 28 November 2011.
- ^ Mathews, Charlotte (24 April 2002). "South Africa: Legal Bills Mounting in Leisurenet Probe". BusinessDay. allafrica.com. http://allafrica.com/stories/200204240094.html. Retrieved 28 November 2011.
- ^ Maphologela, Kgamanyane (18 December 2000). "South Africa: Future Of Health And Racquet Club Staff Still In Doubt". Business Day. allafrica.com. http://allafrica.com/stories/200012180260.html. Retrieved 27 November 2011.
- ^ Walsh, Dominic (May 11, 2009). "Virgin Active seeks to grow la dolce vita". London: The Times. Archived from the original on 14 May 2009. http://web.archive.org/web/20090514062729/http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6261360.ece. Retrieved 2009-05-29.
- ^ a b "Bridgepoint sells its stake in Virgin Active back to Virgin for £134.5m". AltAssets. 5 October 2005. http://altassets.info/private-equity-news/bridgepoint-sells-its-stake-in-virgin-active-back-to-virgin-for.html. Retrieved 28 November 2011.
- ^ Hammond, Michelle (18 July 2011). "Branson’s Virgin Active flags Aussie expansion". StartupSmart. http://www.startupsmart.com.au/growth/2011-07-18/bransons-virgin-active-flags-aussie-expansion.html. Retrieved 28 November 2011.
- ^ "Virgin Active merges with Holmes Place". Independent.co.uk. http://www.independent.co.uk/news/business/news/holmes-place-to-merge-with-virgin-active-414623.html. Retrieved 4 September 2006.
- ^ "Virgin Active buys rival Esporta". FT.com. http://www.ft.com/cms/s/0/ecf139c6-6fcf-11e0-8591-00144feabdc0.html#axzz1QUQhBkfU. Retrieved 26 April 2011.
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