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Viva Leisure looks to drive growth with $30 million capital raising

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

Listed fitness club and aquatic facility operator Viva Leisure has announced a $30 million capital raising to further expand its market share.

The Canberra-based operator is understood to be looking to use the funds for the acquisition of new locations and the refurbishment recently acquired sites.

With all its sites now open following Coronavirus lockdowns, Viva Leisure Chief Executive, Harry Konstantinou has advised that member visitations have returned to pre-COVID levels.

The business’ ongoing expansion follows its acquisition of Australian Fitness Management (AFM), the master franchisor of the Plus Fitness brand, in August.

That deal has given it a presence in New Zealand for the first time and significantly bolstered the company's footprint of fitness centres.

Viva Leisure currently has 89 locations, together with the 200 franchised clubs in the Plus Fitness group.

As part of the acquisition of AFM, Viva Leisure is in the process of finalising the establishment of a New Zealand presence to manage the existing franchisee relationships, grow the franchisee network with the sale of additional territories. It is also seeking to establish company owned locations under the Plus Fitness and other Viva Leisure brands which include Club Lime.

The company has also reported today that all members were off COVID suspensions. There were 6,175 members on requested suspension, down from 15,000 in September.

Revenues in October were also higher than pre-COVID shutdown levels.

Viva Leisure also has achieved record memberships totalling 103,000 in its company owned centres, along with the 175,000 Plus Fitness network members.

The group expects to open more than 20 locations by the end of this financial year, and it already has secured leases for 19 of them. It plans to have more than 400 locations by 2025.

Earlier this week, Body Fit Training announced planes to open 50 new studios in the next three months.

Image: Viva Leisure, Tuggeranong.

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26th November 2020 - Body Fit Training announces exponential growth plan with 50 studios set to open in the next three months

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

19th October 2020 - Reopened fitness clubs see more than two-thirds of members return

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

15th June 2020 - Survey suggests Australian gyms facing massive membership decline

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

2nd December 2019 - Viva Leisure looks to raise new capital as it announces acquisition of 13 Fit n Fast clubs

12th November 2019 - Viva Leisure expands Queensland operations with addition of two more Healthworks clubs

16th October 2019 - Viva Leisure enters Queensland market with acquisition of eight Healthworks Fitness Centres

28th August 2019 - Viva Leisure 2018/19 financial results exceed prospectus forecasts

8th August 2019 - Viva Leisure launches new app to offer keyless entry into clubs

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