PREMIUM!

Virgin Active gets a pummelling

Business News 2 weeks ago

Virgin Active will be watching the number of terminations in SA closely this month.


20 Nov 2020
PREMIUM!
Virgin Active gets a pummelling

A Virgin Active gym. Picture: Virgin Active SA

Fitness chain Virgin Active, with operations in southern Africa, the UK, Italy and Asia Pacific, has lost over 100,000 members globally this year. So far, the Brait-owned business’ revenue is down 50% from last year and Ebitda (earnings before interest, tax, depreciation and amortisation) for the first nine months is negative – standing at -£8.4 million (about -R173 million), versus £102.4 million for the prior period. It will be lucky to break even (on an Ebitda basis) this year. Given how lockdowns were implemented, there was a wave of reopenings, beginning in Italy in May, then Australia (and Thailand and...

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