Virgin Active shapes up for £1billion stock market listing
VIRGIN Active, the health and fitness chain, is shaping up for a £1billion stock market listing that could trigger a huge windfall payout for its 75 per cent owner, Sir Richard Branson.
The 187-strong chain, founded by Branson in 1999, is also believed to have attracted interest from private equity suitors including KKR, Blackstone, Advent and CVC.
Virgin Active refused to comment on a potential listing, which could come later this year depending on the health of financial markets, or a possible sale but chief executive Matthew Bucknall believes it would be a “good public company”.
Virgin Active, chaired by former Boots boss, Richard Baker, has close to a million members and operates in Italy, Spain, Portugal and South Africa as well as the UK. It is expected to post earnings of about £115million this year, up 15 per cent on the previous 12 months. The company is eyeing acquisitions and possible expansion into the US.