Bannatyne Group CEO Justin Musgrove: More growth on the horizon in 2018

 
Alys Key
Follow Alys
PORTUGAL-TECHNOLOGY-WEBSUMMIT
CEO Justin Musgrove says there will be further growth in 2018 (Source: Bannatyne Group)

Profits soared at Dragon's Den star Duncan Bannatyne's gym and spa empire last year after an investment programme re-energised the estate.

Bannatyne Group, which operates premium health clubs including 71 gyms, 46 spas and four hotels, said today it had brought in record turnover of £117.6m, up from £112.2m in 2016.

Profit before tax jumped a whopping 57 per cent to £14.3m.

The company said that 99 per cent of its gyms had now been refurbished, spending £14m on modernisation and £2.4m on maintenance. Meanwhile the portfolio has expanded with four acquisitions as well as nine new spa openings.

Read more: The Gym Group is warming up for further expansion in 2018

The company also grew its workforce to pass the 3,000 mark, up 10 per cent on 2016.

"The Bannatyne Group is seeking to expand further through both organic growth as our current reinvested estate potential is realised and by careful acquisition," said chief executive Justin Musgrove.

"We are excited about prospects for 2018 which has started well with over 19,000 new members, another record, signed up to date.”

Membership numbers grew by 7.4 per cent to 211,715 last year.

It comes at a booming time for the gym sector, with operators ranging from budget options to deluxe clubs all expanding.

Read more: Sweat in style at one of London's interior designed gyms

Related articles