Virgin Active reportedly poised for £1bn stock market floatation
by Jak Phillips | 07 May 2014
Virgin Active was founded by Richard Branson's Virgin Group in 1999 / Shutterstock / Helga Esteb
Virgin Active is lining up a potential £1bn-plus float or sale, with the company close to appointing advisers on the process, according to a report in The Times.
The health club giant this week announced a 10 per cent increase in underlying profits – it was also recently named Europe’s leading health club chain in terms of revenue – and is reportedly eager to cash in on its strong position.
Virgin Active is believed to have hired City IPO consultancy firm STJ Advisors to sound out interest from investment banks, according to The Times. It added that a primary listing would probably be sought in London, with a secondary listing in South Africa, where Virgin Active has more than 100 clubs.
The company is owned by Richard Branson’s Virgin Group and CVC Capital Partners – the private equity firm which owned a large stake in Merlin Entertainments when it successfully floated in November. CVC chose Goldman Sachs, Barclays, Citi and Morgan Stanley to handle the Merlin IPO – which came with an attractive retail offer for small investors – and a potential Virgin Active float is also expected to include a retail offer.
Virgin Active has been open about its IPO ambitions in the past and has come close to going public on several occasions. However, the newspaper article claims that the gym chain – which has 270 clubs worldwide – also remains open to a secondary private equity buyout or trade deal.
In January, the company laid the groundwork for a long-term IPO plan, announcing a £100m three year investment across its UK sites to boost membership. At the time, Virgin Active UK managing director Matt Merrick confirmed the company remained a “strong candidate” for a stock market listing, without setting out a timescale.
Virgin Active has also been rumoured to be planning a stronger push into the Asian markets – a strategy also announced by rivals Fitness First – following recent openings in Singapore and Bangkok.
Virgin Active declined to comment on its IPO aspirations when contacted by Health Club Management.
Virgin Active is lining up a potential £1bn-plus float or sale, with the company close to appointing advisers on the process, according to a report in The Times. The health club giant this week announced a 10 per cent increase in underlying profits – it was also recently named Europe’s leading health club chain in terms of revenue – and is reportedly eager to cash in on its strong position.
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