Virgin Active has tapped its billionaire shareholders for £70 million in funding in a bid to keep its finances in check as it battles to attract customers to pay its premium membership fees amid cost-of-living pressures.
The Richard Branson-backed business, which has over 20 gyms in London and charges between £99 and £310 for a monthly membership, said shareholders had agreed to provide £45 million in cash to support the firm’s European and Asia Pacific operations with the promise of a further £25 million for liquidity and investment purposes.
