The Esporta business has transformed itself in a short period of time
New Esporta Holding Limited has announced the sale of Esporta Property Holdings Limited to a wholly owned subsidiary of The British Land Company Plc for a consideration of £179m.
Esporta Property Holdings Limited owns seventeen freehold or long-leasehold properties incorporating racquet clubs operated under leases by Esporta Racquets and Non-Racquets Limited; a company which was sold, subject to Office of Fair Trading clearance, to Virgin Active Group Limited on 26 April 2011.
The sale to The British Land Company Plc is subject to the completion of the transaction between Virgin Active Group Limited and Esporta Racquets and Non-Racquets Limited.
Richard Segal, Chairman, Esporta comments “The Esporta business has transformed itself in a short period of time. Just over two years ago the business was acquired out of administration by Societe Generale Corporate and Investment Banking and the turnaround of the operating business resulted inhealthy membership growth which positioned the operating company for a successful sale to Virgin Active. This sale made the property assets of thebusiness more attractive to institutional investors through the strong covenant provided by Virgin Active and this has enabled the sale of Esporta’s property company to British Land. This transaction, coming on the heels of the sale to Virgin Active, represents an excellent outcome for shareholders of New Esporta Holding Limited.”
The Esporta Group operates 55 health clubs and leisure clubs in the UK and Ireland, providing market-leading facilities and services to the premium segment of the health and leisure sector. The clubs offer a wide variety of quality fitness facilities, including gyms, swimming pools and courts for racquet sports. In addition they offer a choice of bar food and drinks, spa treatments and live sporting coverage. Esporta’s goal is to be the leading premium health and leisure club organisation in the UK. It is passionate about service excellence and dedicated to earning the long-term loyalty of members through rapport-based relationships. Esporta was acquired by Virgin Active in April 2011. For more information visit www.esporta.com.
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