Virgin Active appointment sparks fresh speculation of IPO
by Jak Phillips | 09 Dec 2014
New Virgin Active chair Simon Susman is also a non-executive of Woolworths, one of the largest retailers in the southern hemisphere / Youtube
Speculation is once again rife of a high-profile IPO for Virgin Active, although this time the business is said to be preparing to float in South Africa.
Virgin Active chair Richard Baker – who recently became chair of Costa coffee chain owner Whitbread – has been replaced by South African retail veteran Simon Susman, prompting several reports suggesting the firm is eyeing a Johannesburg stock exchange listing next year.
The gym chain, part-owned by Sir Richard Branson’s Virgin Group and private equity firm CVC – which also has a stake in attractions giant Merlin Entertainments – has around 260 health clubs worldwide, of which 112 are in South Africa. These clubs are reported to generate around 60 per cent of the company’s earnings.
This is the latest in a long line of reports that Virgin Active will go public. The most recent flurry came in May, when it was reported the firm was lining up an IPO or sale in the UK, although sources at the time suggested that a secondary listing could take place in South Africa.
Incoming chair Susman was quoted in The Daily Telegraph as saying: “I am very much looking forward to joining the board as the company continues its growth, both in its existing territories and in new markets.”
Virgin Group has also announced it is to take to the high seas through new venture Virgin Cruises, with the potential for on-board Virgin Active clubs to help guests stay ship-shape.
12 Aug 2014
Virgin Active to launch 'tech-savvy' London health clubs in early 2015
07 May 2014
Virgin Active reportedly poised for £1bn stock market floatation
02 May 2014
UK health club chains lead EU revenue rankings
Speculation is once again rife of a high-profile IPO for Virgin Active, although this time the business is said to be preparing to float in South Africa. Virgin Active chair Richard Baker – who recently became chair of Costa coffee chain owner Whitbread – has been replaced by South African retail veteran Simon Susman, prompting several reports suggesting the firm is eyeing a Johannesburg stock exchange listing next year. The
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