New sales high keeps Bannatyne in shape
Health club operator Bannatyne Group is celebrating record annual results as it prepares to welcome its founder back to the helm.
The group, which runs 11 health clubs in Scotland, posted an 8.5 per cent revenue rise to hit a new high of £127.5 million in the year to 31 December, while pre-tax profits grew by £300,000 to £14.6m.
It pointed to updated technologies, including app-based fitness trackers and wristbands for cardless access and cashless payment, as well as “prudent” expansion for driving growth.
Earnings before interest, taxes, depreciation and amortisation increased by more than £1m to £32.4m in the period.
Clydebank-born entrepreneur Duncan Bannatyne is to return to the front line of the group, changing his role to executive chairman and taking on the responsibilities of chief executive Justin Musgrove. The group said Musgrove is departing “on good terms” to take up a position in the Middle East.
The business is embarking on the final stage of a threeyear £50m investment programme to re-equip and refurbish sites around the UK. It operates 72 health clubs, 47 spas and four hotels.
Bannatyne said: “The business is in great shape, turnover is at a record high and profits are strong and sustainable. We now expect this long period of investment to result in a business that will maintain further growth and profits.
“I am thrilled to be back at the front line, leading the business at a time of great opportunity and excitement in the UK economy.”