Virgin Active sold to South African investors

Spa and gym chain Virgin Active is to be sold to a South African investment company, it has emerged.

South African company Brait will acquire an 80% share of the health club chain, which has 267 clubs across nine countries worldwide, with Virgin Group keeping hold of the remaining 20%.

According to reports, Brait will pay £682m for its stake in Virgin Active.

Virgin’s founder Richard Branson, “Virgin Active is a business that we are proud to have been associated with from the very beginning. We believe that Virgin Active’s future is more exciting.”

Chief executive of Brait South Africa John Gnoode said, “Virgin Active is a business we have tracked for many years, and we welcome the opportunity to invest in the company, alongside one of the world’s most renowned entrepreneurs. We look forward to being a part of Virgin Active’s success over the long term.”