Fin24 reports that Virgin Active, which is 67% owned by Christo Wiese-backed Brait, is restructuring, which will affect a "small percentage" of jobs at its local head office in Claremont, Cape Town.
The company said this was part of a plan to cut unnecessary costs, streamline its operations, and improve efficiencies across its global operations. Virgin Active had 611,000 members in southern Africa as of the end of March. It employs 3,200 people in SA and the restructuring will not affect any staff at its gym clubs. According to Virgin Active, it continued to be profitable, was cash generative, and had seen "positive trends" in membership growth. "The business has been reinvesting significant capital into both upgrading clubs and installing backup power solutions which ensure that our members can enjoy our facilities through load shedding," it added. Virgin Active is also investing to transform its gyms into workspaces, as more of its members work from home. This means that people are increasingly also working from the gym, prompting the group to direct part of a new R403 million spend towards office space and meeting rooms.
- Read the full original of the report in the above regard by Nick Wilson at Fin24 (subscriber access only)
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