Duncan Bannatyne’s health clubs reports record turnover
Duncan Bannatyne’s health clubs group has reported record turnover.
Bannatyne Group, which runs seven facilities in the North West including two in Manchester, has reached a turnover of £117.6m.
Profits were up to £14.3m for the year to 31 December 2017 from its portfolio of 71 gyms, 46 spas and four hotels.
Turnover increased from £112.2m and profit before tax before exceptional items up from £9.2m last year.
Membership is up 7.4 per cent to more than 211,000 and the group acquired four further gyms.
Over the past two years it has invested more than £28m, modernising premises, bringing in new technology and expanding the spa operations.
Bannatyne started the chain after a skiing accident prompted him to look for a new exercise regime.
He is also known for this long-term role on the Dragon’s Den TV series as well as an appearance on I’m a Celebrity… Get Me Out of Here.
Chief executive officer Justin Musgrove said: “We are delighted with the results – 57 per cent increase in profits year on year after a 15 per cent uplift in 2016 and very strong cash generation is clear demonstration that our strategy is delivering and that the investment over the past two years is driving strong returns.
“The Bannatyne Group is seeking to expand further through both organic growth as our current reinvested estate potential is realised and by careful acquisition. We are excited about prospects for 2018 which has started well with more than 19,000 new members – another record – signed up so far.”