"Virgin Active, the gym chain founded by Sir Richard Branson, has significantly slashed its losses as its battle with the work-from-home trend continues. The business, which runs 224 international locations, has reported a pre-ax loss of £78.1m for 2024, down significantly from the £146.7m it lost in 2023. New accounts filed with Companies House also show its revenue increased from £511.4m to £576.3m over the same period."
"The market fundamentals for our business remain strong and we see a growing number of consumers understanding and embracing the importance of maintaining a healthy lifestyle, not only in fitness but in nutrition and broader wellness. While work-from-home trends continue to impact usage levels at city clubs, we are seeing a steady uplift in city club usage and residential demand remains strong."
"Virgin Active's adult membership grew by five per cent to more than one million and is now back above pre-pandemic levels. Virgin Active is majority owned (67.6 per cent) by private equity firm Brait, which itself is controlled by South African billionaire Christo Wiese. Sir Richard Branson's Virgin Group holds a 16.8 per cent stake while Titan Premier Investments has a 7.9 per cent holding."
Virgin Active reported a pre-ax loss of £78.1m for 2024, down from a £146.7m loss in 2023, while revenue rose from £511.4m to £576.3m. The chain operates 224 international clubs and adult membership increased five percent to over one million, exceeding pre-pandemic levels. The group is majority owned (67.6%) by private equity firm Brait, with Virgin Group holding 16.8% and Titan Premier Investments 7.9%. City club usage remains affected by work-from-home trends, but the business reports a gradual uplift in city and strong residential demand, which the board says supports global growth prospects.
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