Former Dragon's Den panellist and serial entrepreneur Duncan Bannatyne is returning to the helm of his health club and leisure group as executive chairman as it reports record financial results.
Bannatyne Group, which operates a UK-wide portfolio of 72 health clubs, 47 spas and four hotels, has posted revenues for its financial year to the end of December, 2018, of £127.5m - a rise of 8.5% on the previous year.
The Darlington-based group, which employs 3,000, has also reported Ebitda up from £31.3m in 2017 to £32.4m, with pre-tax profits up from £14.3m to £14.6m.
Mr Bannatyne confirmed he is returning to the frontline of the business, which he founded in 1997, with a change of role to executive chairman following the decision of existing chief executive Justin Musgrove to take up a new the Middle East.
He said: “The business is in great shape, turnover is at a record high and profits are strong and sustainable. Our members are enjoying facilities, which have been enhanced with significant investments in new equipment, new technology and a wide range of new classes and services delivered by our exceptional team.
“We now expect this long period of investment to result in a business that will maintain further growth and profits as we continue to provide the sector-leading facilities and high-quality services our members and customers expect and deserve.
“I am thrilled to be back at the frontline, leading the business at a time of great opportunity and excitement in the UK economy. Our CEO, Justin Musgrove, has done a great job in the last five years and we wish him well as he embarks on a new career in the Middle East. He leaves the business in fine fettle and I will enjoy running it again in a more ‘hands-on’ role.”
The group’s first club was on Teesside. It now has 210,000 members.
