|
|
Article: Branson buys back Virgin Active stake.(Sir Richard Branson to pay 134.5m [pounds sterling] for a 55% stake)(Brief Article)
- Article from:
- Leisure Report
- Article date:
- November 1, 2005
CopyrightCOPYRIGHT 2005 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Sir Richard Branson has taken full control of Virgin Active after agreeing to pay Bridgepoint 134.5m [pounds sterling] for a 55% stake.
He now hopes to increase the value of the business to about 500m [pounds sterling], through expansion into new markets such as India, ahead of a planned flotation on the stock market, and also has a team of executives looking at Whitbread's troubled David Lloyd leisure division.
A spokesman said they did not want the whole chain but were "definitely interested in parts".
Bridgepoint, which also owns Holmes Place, is understood to have trebled its money on the Virgin Active deal, having already refinanced most ...