Duncan Bannatyne to spend £50 million on health clubs refurbishment and expansion
Scottish entrepreneur Duncan Bannatyne is spending £50million to upgrade facilities at his chain of health clubs, hotels and spas.
Duncan Bannatyne is spending £50million to upgrade facilities at his chain of health clubs
Additionally, the entrepreneur’s Bannatyne Group is looking to acquire new venues to add to its 69-site health club, spa and hotel chain.
Bannatyne bought The Humberston Country Club spa and golf course for £1million from Virgin Active in September.
He also plans to “create hundreds of new jobs” to add to the 3,000 that he currently employs.
The firm says that its profits for 2017 will be “seriously higher” than the £11.6million it made on sales of £112.2million last year.
Guests dance as they celebrate Duncan Bannatyne’s wedding
He also plans to create hundreds of new jobs
That should help offset the disappointment of last year’s aborted flotation on the Alternative Investment Market.
The deal would have valued the group at £300million and its collapse cost the firm £2.4million in fees.
Chief executive Justin Musgrove said: “The strong performance gives us scope to make our investments.
"The Bannatyne Group has secured a solid position in the health club market with resilient membership numbers and a membership proposition that is attracting people to move up from budget, low-cost alternatives. Our five hotels are also performing well.”