Duncan Bannatyne shelves float of gym firm

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Former Dragons’ Den star Duncan Bannatyne has been forced to pull the £300 million float of his hotel, gym and spas empire, amid regulatory scrutiny of the move.

Bannatyne’s company, which employs 2800 staff, has been forced to abandon the plans, having set its sights on a June float on London’s junior stock market.

The company said that it “has many options available to enable it to continue its growth operating as a private company”.

Details remain unclear over the subject of the regulators’ scrutiny.

The Evening Standard revealed this month that Bannatyne would own part of his company through Bannatyne Brand Management Limited (BBML), a vehicle registered in the British Virgin Islands, a well-known tax haven.

BBML, controlled by Bannatyne, was to sell the fitness chain the right to use the Bannatyne brand name in return for shares in the newly-floated company.

The TV star, who appeared in I’m a Celebrity, is said to have been forced off the board, where he was a non-executive director, amid concerns about his history.

Last year, Bannatyne provided false evidence in a divorce battle with his ex-wife. The Scottish businessman had planned to raise £75 million, leaving him a 75% stake and a small free float of shares for investors to trade.

Source Article from http://www.standard.co.uk/business/duncan-bannatyne-shelves-float-of-gym-firm-a3255576.html

May 25, 2016 |
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