A group of Virgin Active landlords are exploring moves to end their relationship with the health and fitness chain as it tries to thrash out a rescue deal that could involve steep haircuts for creditors. Sky News has learnt that the owners of a handful of Virgin Active’s UK sites have appointed Coffer Corporate Leisure to canvas interest from potential alternative tenants. The five gyms include its clubs in Notting Hill and Wandsworth in London, Northampton and Nottingham – equating to around 10% of its operations in Britain. One industry source said the landlords were preparing contingency plans in the event that they could not agree revised terms with Virgin Active, which is trying to shore up its balance sheet after being hammered by the COVID-19 pandemic. The identities of the relevant landlords was unclear on Tuesday. Advertisement Negotiations have been taking place for weeks between the company’s shareholders, who include Sir Richard Branson’s Virgin Group, its lenders and landlords about a plan to invest approximately £65m into the business. Insiders said the latest equity injection was “in the right ballpark” from the lenders’ perspective, but that the structure of the deal, and potential rent cuts, had yet to be… Read full this story
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