19 August 2025
THE CONYGAR INVESTMENT COMPANY PLC
Sale of Virgin Active gym
at The Island Quarter, Nottingham
The 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.
The 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.
The 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).
Christopher Ware, Managing Director of Conygar, commented:
"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."
The 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.
Enquiries:
The Conygar Investment Company PLC
Christopher Ware: 020 7258 8670
Panmure Liberum (Nominated Adviser and Broker)
Chris Clarke / Jamie Richards: 020 3100 2185
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
Sam Livingstone: 07769 655437