The owners of an Ayr fitness centre are back in the black, according to newly-published figures.

The Bannatyne Group, which operates 11 health clubs across Scotland including Bannatyne Health Club on Highfield Drive, has seen profits restored in the first set of financial results published since the end of the pandemic.

The business, owned by entrepreneur and former BBC Dragons’ Den investor Duncan Bannatyne OBE, has seen its EBITDA profit (earnings before interest, taxes, depreciation, and amortization) more than double to £29.6 million.

A pre-tax loss of £12.9m has been turned into a pre-tax profit of £1m for the year ending December 31, 2022.

The company says has focused on growing membership and paying down Covid era debt, with an expectation that all Covid loans will be paid off in the first half of next year.

During Covid gyms and health clubs were closed for longer than all other businesses and losses and additional borrowing affected all operators in the sector.

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Duncan Bannatyne OBE said: “The business has turned the corner following the difficult Covid period.

"During 2022 we turned a loss into a profit, more than doubling EBITDA to reach £29.6m.  Turnover was up from £75m to £127m and membership grew by 10.7% in this financial period.

"It currently stands at 210,000 with a sector leading retention rate of more than 95%. 

"We are also on track to pay off all our Covid loans next year.”

He added: “The performance is especially impressive, as over recent years the company experienced high impact increases in minimum wage, energy, and interest rates, adding £11m to our planned costs.

"The hard work of our leadership team puts the business in a positive position for further growth in the years ahead.”