I’m out … Dragons’ den star Duncan Bannatyne is turning down £ 250 million for his fitness group
- Bannatyne said an unnamed U.S. operator took an unsolicited approach
- The Bannatyne Group includes its chain of fitness clubs and hotels
- He said he would leave the store if he accepted an offer
Entrepreneur and former Dragons’ Den star Duncan Bannatyne said he turned down a pitch for his own business – a £ 250 million offer for his gym chain.
The tycoon – known for its start-up investment offers on the TV show – said an unnamed US operator looking to expand in Europe had one for the Bannatyne Group, which also includes the Bannatyne Group unsolicited approach of “between £ 200 and 250 million” chosen his chain of health clubs and hotels.
“It’s quite surprising that someone made an offer in the current circumstances,” he told The Mail last night as he prepared to reopen after a three-month lockdown.
The dragon cave star Duncan Bannatyne has turned down a pitch for his own business
The 72-year-old said he hadn’t received any further offers for the group, of which he is 96 percent involved, while his family owns the rest.
Bannatyne added that gym and hotel closings during three lockdowns last year cost him £ 50 million and that more than 70,000 of his 210,000 members have left.
He said, “I like the company, I like the way it works, I like my people. I enjoy it. So I’m not that motivated to sell. They approached me and made the offer.
‘The ball is in her field now. I need to feel that it is going to be a good home and that I am getting good value for money and that my family is getting good value for money and that I will not regret it. ‘
He said he would leave the store if he accepted an offer.
Bannatyne said he has sold four houses and pumped £ 10 million into the business since the Covid outbreak
Bannatyne said he has sold four houses and pumped £ 10 million into the business since the Covid outbreak. In 2019 the group posted a profit of £ 12.8m on sales of £ 133m and paid a dividend of £ 9m.
His net worth is estimated at approximately £ 300 million including the group’s worth.
The chain’s health clubs in England will reopen tomorrow. He said, “We have mixed feelings. It will be great to be back in business. The opening costs are also high. It has to be our last reopening – it is important that this be our last lockdown. ‘
The company had 90 percent of its employees on vacation and took out £ 24.5 million in loans under the Coronavirus Business Interruption Loan Scheme.
He said his directors had cut salaries until the loan was repaid, likely by the end of 2024.
Bannatyne, who was on the BBC series from 2005 to 2015, spoke from Miami after being banned from the Caribbean.