Ann Crotty
3 minute read
5 Jan 2021
7:05 am

Plenty worries, discontent

Ann Crotty

Virgin Active in the UK needs to raise money or debt covenants may be breached.

A Virgin Active gym. Picture: Virgin Active SA

From his perch on the rocks of Clifton Fourth Beach, Christo Wiese, once SA’s richest man, must surely have been contemplating the latest grim news on the Brait front. According to reports in the UK’s Financial Times last week, the UK arm of Virgin Active has warned of doubts over its ability to continue as a going concern after lockdowns forced the closure of its gyms. In accounts filed at the UK’s Companies House, Virgin Active said its debt covenants would be breached unless it raised money. It warned lockdowns and reduced city centre footfall were adding to pressure on...