Business
Sale of Virgin Active gym at The Island Quarter
Conygar Investment Company PLC announced the unconditional exchange of contracts to sell the Virgin Active gym site at The Island Quarter, Nottingham, to Monoprop Limited for £6.75 million. Completion is expected within one month. The net proceeds will partially repay a £12 million loan. The transaction will result in a £750,000 loss based on the March 2025 valuation of £7.5 million. The Virgin Active gym holding company recorded a net loss of £67,000 for the year ended 30 September 2024. Conygar originally purchased the long leasehold interest for £5.90 million in May 2024. Disclaimer*
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n\n \n \n 19 August 2025\nTHE CONYGAR INVESTMENT COMPANY PLC\nSale of Virgin Active gym\nat The Island Quarter, Nottingham\nThe Conygar Investment Company PLC ('Conygar') announces that it has unconditionally exchanged contracts to sell the site occupied by the Virgin Active gym at The Island Quarter, Nottingham to Monoprop Limited, a property investment company. Completion will follow in one month's time.\nThe sale price is £6.75 million in cash and the net proceeds will be used to partly repay the £12 million ASK Partners loan secured against the wider site.\nThe Group will record a loss of £750,000 from the transaction based on the March 2025 accounts valuation of £7.5 million. For the year ended 30 September 2024, the holding company of the Virgin Active gym recorded a net loss of £67k (inclusive of interest paid on the ASK Partners loan).\nChristopher Ware, Managing Director of Conygar, commented:\n\"This sale represents a good piece of asset management for the team having purchased the long leasehold interest for £5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future.\"\nThe information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.\nEnquiries:\nThe Conygar Investment Company PLC\nChristopher Ware: 020 7258 8670 \nPanmure Liberum (Nominated Adviser and Broker)\nChris Clarke / Jamie Richards: 020 3100 2185\nTemple Bar Advisory (Public Relations)\nAlex Child-Villiers: 07795 425580\nSam Livingstone: 07769 655437\n \n\n","length":2868,"tagName":"div"}]