The Fitness Generation is now part of NovoFit - see www.ausleisure.com.au/suppliers/novofit/read more
Investors welcome Viva Leisure’s ASX listing
Investors have backed Canberra-based Viva Leisure in its successfully listing on the Australian Securities Exchange (ASX) yesterday.
The first dedicated fitness club group to list on the ASX, Viva Leisure, which operates 33 facilities in NSW and ACT, hit its $20 million capital raising target date of 7th June on schedule.
Viva Leisure Chief Executive and Managing Director Harry Konstantinou advised “we had opened the book build about three or four weeks ago and we were over-subscribed $10 - $11 million, so we had to scale back investors to get to the $20 million.
“So, it was well received.”
Konstantinou added “I am excited that Viva Leisure is the first dedicated health club operator to list on the ASX. The Company continues to deliver strong, profitable growth whilst also capitalising on the platform we have built over many years for an even bigger business in the future.
“The pace of expansion this financial year was a significant achievement for the Company in which we have acquired four clubs to date, with a further three clubs to be acquired and integrated as part of the Fitness 24/7 acquisition, opened eight greenfield clubs, with another four greenfield clubs to open this month.
“Shortly we will also achieve the milestone of 50,000 members - excluding the Fitness 24/7 acquisition, which demonstrates the demand and effectiveness of our business model which operates in all four segments of the fitness industry.”
Originally commencing operations in 2004, Viva Leisure now operates a portfolio of brands including Club Lime and HIIT Republic.
Since April 2019, Viva Leisure has opened four locations and is on track to open a further four locations before 30th June 2019, in addition to completing the acquisition of the Fitness 24/7 business in Albury/Wodonga as detailed in the Prospectus that was lodged with ASIC on 14th May 2019.
Viva Leisure locations
Post the date of the Prospectus, the following four locations have successfully opened:
• Club Lime Conder, ACT;
• HIIT Republic Tuggeranong, ACT;
• Psycle Life Tuggeranong, ACT; and
• Studio by Club Lime Tuggeranong, ACT.
As detailed in the Prospectus, the following four locations originally scheduled to open in Q3 CY2019 will now open ahead of schedule in Q2 CY2019:
• Club Lime Denman Prospect, ACT;
• Club Lime Queanbeyan, NSW;
• HIIT Republic Kingston, ACT; and
• HIIT Republic Queanbeyan, NSW.
The following four locations remain on track to open in Q3 CY2019:
• HIIT Republic Braddon, ACT;
• HIIT Republic Campbell, ACT;
• Club Lime Erindale, ACT; and
• HIIT Republic Erindale, ACT.
Operating locations at the end of FY2019 will be 40, a significant increase from the 21 at the end of the last financial year.
The pipeline of new sites continues to be strong and it is expected Viva Leisure will announce further greenfield locations in the next quarter.
Membership numbers continue to increase month on month, with current membership at 49,600, up from 47,500 (+4.4%) since the date of Prospectus lodgement.
With the acquisition of Fitness 24/7 to be completed this month and contributing an additional 3,500 members, membership is anticipated to exceed the Prospectus forecast of 53,400 members by 30th June 2019.
Churn and Retention remain as forecast and in line with the Prospectus.
HIIT Republic, Viva Leisure’s boutique functional fitness brand, opened its first location in March 2019 and is already exceeding management expectations, both in terms of membership numbers and class participation.
A further two locations Kingston (in the ACT) and Queanbeyan (in NSW) are expected to open ahead of schedule and capitalise on the momentum.
HIIT Republic’s unique membership offering of combining its boutique functional fitness studios and Club Lime’s health clubs into one membership has been well received by market participants with over 70% of members taking the multi-club membership option which is increasing the membership yield per member. The 24-hour access (outside of scheduled class times) into the HIIT Republic studios has also proven to be popular and a unique selling point in the boutique functional fitness market.
Fitness 24/7 acquisition
The acquisition of Fitness 24/7 in Albury (in NSW) and Wodonga (in Victoria) – three locations in total remains scheduled to be complete shortly after listing.
Images: Viva Leisure's recently opened Tuggeranong facility (top) and its recently acquired Xceler8 facility in Wagga Wagga (below).
15th May 2019 - Club Lime further expands ACT presence with Conder club opening
10th May 2019 - Viva Leisure lodges prospectus and application for ASX listing
20th March 2019 - Club Lime announces acquisition of Goulburn health club Absolute Fitness
23rd January 2019 - Viva Leisure looks to continue fitness club expansion through 2019
29th October 2018 - VIVA Leisure delays IPO plans
21st September 2018 - VIVA Leisure group acquires Wagga Wagga’s Xceler8 24hr Fitness
2nd July 2018 - Club Lime to open new Googong facility
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
Headquartered in Brisbane with an Australia-wide network of satellite offices, PaySmart is one of Australia’s largest and longest-standing direct debit billing companies. In 1996 we began…read more
ProSlide is the global leader in water ride design and manufacturing, supplying high-performance water attractions to new and expanding water parks around the world. For over three decades, ProSlide…read more
Fun Wheels Pty Ltd are the premium dealer in Australasia for the Dutch company BERG’s commercial and domestic products. Our flagship product is their revolutionary pedal go-kart – the…read more
revolutioniseSPORT is the emerging market leader in online club management in Australia. Whether it is memberships, registrations, events, online sales or governance tools - revolutioniseSPORT is the…read more
We are Aussie Strength. The ultimate supplier for Commercial Gym Equipment that's built to deliver in the toughest environments. From USA-Built hardcore weight training equipment from Arsenal…read more
Tim Batt Water Solutions are at the very forefront of the commercial aquatic business in Australia, with over 30 years specific experience supplying and installing chemical control and dosing…read more
iEDM integrate Design, Engineering and Delivery Management services to convert existing spaces into exciting new entertainment venues. Our team consists of highly qualified professionals with diverse…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!