The owners of a Blackpool Gym which had £80,000 spent on it to install a new spa, has posted record turnover and profits.
Bannatyne Group, which has seven gyms in the region including the one off Rigby Road, said profits rose 57 per cent to £14.3m on the back of turnover of £117.6m.
It said the results for the year ending December 31, 2017 were the result of an increase in membership of 7.4 per cent to 211,715, a double-digit increase in spa income and a “relentless focus on operational efficiency”.
The group said, supported by a strong balance sheet and strong cash generation (up £5m to £30m) it had acquired four more gyms in Weybridge, Stratford upon Avon, Humberston and Belfast, taking the total number of gyms in the estate to 71.
Over the past two years it has invested £28m, modernising its premises, taking advantage of technological development and expanding spa operations by nine including Blackpool’s to take the total to 46.
Alan Jackson, chairman, said: “Strategically, the Company has carved out its own sub sector playing to today’s trends.
“The results for 2017 are testimony to the company’s ability to deliver a truly excellent and modern proposition to its members.”
Justin Musgrove, chief executive officer, said: “We are delighted with the 2017 results – 57 per cent increase in profits year on year after a 15 per cent uplift in 2016 and very strong cash generation is clear demonstration that our strategy is delivering and that the investment over the past two years is driving strong returns.
“Our aspirational proposition with investment in state of the art gyms, Treatment Spas, technological developments is robust, differentiated and sustainable providing indulgence with lifestyle balance that rewards the group with ever increasing membership and spa guest visits.”
He added that the Bannatyne Group was seeking expand further through both organic growth as the marketplace has strong fundamental growth drivers and expected favourable underlying conditions are set for the future.