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Viva Leisure enters trading halt as it looks to raise equity

Viva Leisure enters trading halt as it looks to raise equity
August 27, 2021

ASX-listed fitness operator Viva Leisure has this week halted trading as it looks to raise $11.7 million in new equity.

Announced on Wednesday, stockbroker Petra Capital was lining up investors for the capital raising with funds expected to be revealed as of today.

Funds raised are set to be used to contribute to company’s balance sheet as well as backing for further acquisitions.

Despite gyms being shut during COVID-19 lockdowns, the Canberra-based company has increased memberships by nearly 34%, expanded location and doubled its revenue in the past financial year.

It has almost 300,000 members across all of its locations, with 126,006 members at its owned locations as of 30th June.

Operating more than 300 facilities across Australia and New Zealand, as well as India, of which 117 are owned and 193 are franchises, the business managed to maintain profitability in 2021, despite the challenging conditions for gyms and considers there to be material upside for the business as vaccination rates increase.

Viva Leisure ended the 2021 financial year with $12.94 million in cash.

On the market, its shares last traded at $1.71 per share on 24th August.

Related Articles

13th July 2021 - Viva Leisure opens Club Lime and hiit republic gyms at Yamanto Central

27th May 2021 - Viva Leisure opens new clubs and launches new GroundUp studio brand

17th May 2021 - Viva Leisure ‘confident’ that it is dealing with franchising appropriately

15th April 2021 - Viva Leisure primed for growth with head of franchising appointment

8th February 2021 - Viva Leisure opens Titanium branded Club Lime Pyrmont

11th January 2021 - Viva Leisure to acquire six Pinnacle Health Clubs in Victoria

27th November 2020 - Viva Leisure looks to drive growth with $30 million capital raising

16th November 2020 - Viva Leisure continues expansion with 91st facility opening and record membership numbers

26th August 2020 - Viva Leisure announces ‘outstanding’ financial results with no loss in year-on-year income

22nd July 2020 - Viva Leisure acquires Plus Fitness’ master franchisor for $20 million

15th June 2020 - New Queensland retail centre to feature Viva Leisure brands

25th May 2020 - Viva Leisure prepares for gym reopenings

26th March 2020 - Viva Leisure sheds more than 1,000 staff in 48 hours

2nd March 2020 - Viva Leisure reports ongoing growth and reveals new boutique brand

14th February 2020 - Viva Leisure opens new sites and completes Fit n Fast Health Clubs acquisition

17th December 2019 - Further growth for Viva Leisure with enhanced keyless club entry and launch of dedicated DAB+ radio station


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