More Growth on the Horizon This Year, Says Bannatyne Group CEO

Justin Musgrove, CEO

Last year, profits rose at the gym and spa empire of Duncan Bannatyne, the star of Dragon’s Den, after an investment programme re-energised the estate.

Bannatyne Group operates various premium health clubs that include 46 spas, 71 gyms, and four hotels. Today, the company said that it had brought in a record turnover amounting to £117.6m, an increase from the £112.2m in 2016.

Profit before tax rose by a whopping 57 percent to £14.3m.

The company disclosed that 99 percent of its gyms had currently been refurbished, spending approximately £2.4m on maintenance and £14m on modernisation. Meanwhile, the portfolio of the company has grown with four acquisitions and nine new spa openings.

The company also expanded its workforce to surpass the 3,000 mark, up by the 10 percent from 2016.

Justin Musgrove, the chief executive, stated: “The Bannatyne Group is seeking to expand further through both organic growths as our current reinvested estate potential is realised and by careful acquisition.

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

In 2017, the membership numbers increased by 7.4 percent to 211,715.

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

*This article has been updated with the correct photo of the CEO of Bannatyne Group.