Justin Musgrove CEO of the Bannatyne Group
The Bannatyne Group is undergoing a £50m investment drive, creating hundreds of jobs, buying more businesses and upgrading its existing health clubs,
The firm, owned by Dragon’s Den star Duncan Bannatyne, will add 10,000 new items of equipment and refurbish 850,000 square feet of property across its 69 health clubs, as part of a three-year overhaul.
Bannatyne, which employs 3,000 people and has 200,000 members, said the move follows strong trading this year, building on the £11.6m of profit recorded at the end of 2016.
The group had planned to raise £300m by floating on the London Stock Exchange, but pulled the plug on an initial public offering (IPO) last year.
Chief executive Justin Musgrove said: “Throughout this investment programme we will install 10,000 items of new equipment, refurbish 850,000 square feet of property and bring members the most dynamic health club experience available in the UK.
“New technology is already giving many members access to information about their fitness training, it will be extended further with some pioneering initiatives coming in the months ahead.
“Our acquisition programme is also on track to deliver new facilities to the group, helping us to offer our services to more new members around mainland UK.
“Trading this year has, so far, been strong, enabling us to build on the £11.6m profit we achieved at the end of 2016.
“The strong performance gives us scope to make our investments, which we also expect to create hundreds of new jobs and grow our membership significantly.”
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