Sir Richard Branson's health and fitness club chain, Virgin Active, has raised £100 million sterling to fund an expansion programme in Britain and across Europe.
US financial services company Heller Financial is underwriting £30 million of debt and Virgin Investment is providing £70 million of equity and subordinated loan stock.
"The completion of this financing will enable us to offer value for money to more people across the country, and become one of the top players in the industry worldwide," Mr Branson, who is chairman of Virgin Active, said in a statement today.
The financing will fund the roll out of 17 new clubs throughout Britain and provide a platform for expansion across Europe.
Virgin Active, which opened its first club in September 1999, operates 11 clubs in Britain and owns 80 in South Africa.
Mr Branson's Virgin Group owns 90 percent of Virgin Active.