Scottish entrepreneur and former Dragons’ Den investor Duncan Bannatyne is set to spend £50m upgrading his chain of hotels, health clubs and spas.
On top of this upgrading of facilities, Bannatyne’s company Bannatyne Group will also be looking to acquire new venues to add to its substantial portfolio.
One such acquisition that’s already taken place is The Humberston Country Club spa and golf course, which was purchased for £1m back in September.
The expansion plans will create hundreds of new jobs (Bannatyne currently employs over 3,000 people) and Bannatyne Group also predicts that profits for 2017 will be “seriously higher” than the £11.6m that is made in 2016 on sales of £112.2m.
Bannatyne Group’s chief executive Justin Musgrove said: “The strong performance gives us scope to make our investments.
“The Bannatyne Group has secured a solid position in the health club market with resilient membership numbers and a membership proposition that is attracting people to move up from budget, low-cost alternatives. Our five hotels are also performing well.”
These positive results and optimistic noises coming from the company will help erase memories of last year’s aborted floatation on the Alternative Investment Market, which cost the firm £2.4m in fees before collapsing.