Former Boots chief executive Richard Baker is to become chairman of Sir Richard Branson’s health and fitness chain Virgin Active.
Baker left Boots last year after the£11 billion takeover led by billionaire Stefano Pessina and backed by private equity firm Kohlberg Kravis Roberts. He is understood to have left with about£10 million from his payout and share options. His right hand man Scott Wheway also left.
Baker’s appointment has fuelled speculation that Virgin Active is preparing to float. Branson had intended to float the business with a£1 billion price tag, but the lack of appetite for new listings put the move on hold.
Virgin Active has 169 clubs including 71 in the UK. It is Britain’s second biggest health and fitness chain behind Fitness First.
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