THE health club business founded by Dragons’ Den entrepreneur Duncan Bannatyne has underlined its appetite for acquisitions after more than doubling profits in what it called the ever growing health and fitness market. Bannatyne Group increased pre-tax profits to £8 million in 2015, from £3.3m in the preceding year. The number of members increased by 14 per cent to 186,000 from 164,000. Bannatyne noted that it operates 37 high margin spas as well as 66 gyms. The group reckons its spas and swimming pools allow it to appeal to a wider demographic than low cost operators. The firm said it generates lots of cash and plans to use acquisitions to help achieve further growth. “We see the mid and premium segment of the wellness sector as a significant ongoing opportunity for the Bannatyne Group as consolidation continues,” said chief executive Justin Musgrove. Clydebank-born Mr Bannatyne moved into health clubs after developing successful ice cream, care home and nursery businesses.
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