Virgin Active Mulls Sale of Floatation

(Reuters) – Virgin Active, the British health and fitness chain, has met a series of private equity suitors over a possible sale of the business that could net over 1 billion pounds ($1.53 billion), The Sunday Telegraph reported.

The newspaper said the 187-club firm, 76 percent owned by Richard Branson’s Virgin Group, is in the early stage of talks with potential buyers and has not yet launched a formal auction process.

It said the gym chain is also continuing to work on a potential flotation but plans have been hampered by stock market volatility.

It said private equity firms, including Kohlberg Kravis Roberts & Co (KKR.N), Blackstone (BX.N), Advent and CVC, could be interested in bidding for Virgin Active.

A spokesman for Virgin Group declined to comment. ($1=.6544 Pound) (Reporting by James Davey; editing by Karen Foster)