PSIRU Company Details

Company Name: Relaxion (UK)

Home country: UK

Relaxion Group Plc,

Datalogic House,

Dunstable Road,

Redbourn,

Hertfordshire.

AL3 7PR

European Works:

Directors

Robert Ring
Paul Campbell
John McGinley
David Brame
John Jones
Russel Smith
DM Stalker - Appointed 16 July 1997

Last Updated: 30/09/1997

PSIRU Capsule
HISTORY: The company was a management buy-out of St Alban’s Leisure Department in 1991. Relaxion was set up with the help of Capita Group, itself a management buy out of accountancy organisation CIPFA. Relaxion bought back Capita'a share in January 1993 for £75,000. In June 1995, Kunick acquired Relaxion for £2.8 million. Relaxion Ltd is the part of the company that bids for local authority work. SUBSIDIARY COMPANIES: St Albans Leisure Ltd Relaxion Splash Ltd Relaxion Ltd Relaxion Kingfisher Ltd Relaxion (South Oxfordshire) - 95% only Harpers Fitness Clubs Ltd Reltek Engineering Ltd Relaxion FM Ltd, a company limited by guarantee with no share capital Relaxion Leisure Ltd, which is dormant. OWNERSHIP: In June 1995, Kunick plc acquired Relaxion for £2.8 million. All 100 B shares are owned by Capita Group Plc, which has contracts in the public sector. Dividends are paid so that all shareholders receive 20 per cent of net profits, and Capita received an additional dividend to pay off their initial investment. DIRECTORS: The directors are also directors of St Albans Leisure Ltd, which was a management buy-out from the council's leisure service. FINANCES: The consolidated group accounts for 1997 show that there were liquidity problems, in that its current debts owed exceeded what it was owed, leaving net current liabilities of £1,247,210. The same applied in 1996, when the excess of money owed was £547,442 (1995:£675,156). ACTIVITIES: Leisure facility management, the development of fitness clubs and leisure management services. EMPLOYEES: The average number of employees in 1992 was 98, by 1995 it was 836, reflecting the rapid growth of the company. It had doubled to 1,625 in 1996 and rose further to 2,272 in 1997.

PSIRU Capsule

HISTORY:

The company was a management buy-out of St Alban’s Leisure Department in 1991. Relaxion was set up with the help of Capita Group, itself a management buy out of accountancy organisation CIPFA. Relaxion bought back Capita'a share in January 1993 for £75,000. In June 1995, Kunick acquired Relaxion for £2.8 million.

Relaxion Ltd is the part of the company that bids for local authority work.

SUBSIDIARY COMPANIES:

St Albans Leisure Ltd
Relaxion Splash Ltd
Relaxion Ltd
Relaxion Kingfisher Ltd
Relaxion (South Oxfordshire) - 95% only
Harpers Fitness Clubs Ltd
Reltek Engineering Ltd
Relaxion FM Ltd, a company limited by guarantee with no share capital
Relaxion Leisure Ltd, which is dormant.

OWNERSHIP:
In June 1995, Kunick plc acquired Relaxion for £2.8 million.

All 100 B shares are owned by Capita Group Plc, which has contracts in the public sector. Dividends are paid so that all shareholders receive 20 per cent of net profits, and Capita received an additional dividend to pay off their initial investment.

DIRECTORS:
The directors are also directors of St Albans Leisure Ltd, which was a management buy-out from the council's leisure service.

FINANCES:
The consolidated group accounts for 1997 show that there were liquidity problems, in that its current debts owed exceeded what it was owed, leaving net current liabilities of £1,247,210. The same applied in 1996, when the excess of money owed was £547,442 (1995:£675,156).

ACTIVITIES:
Leisure facility management, the development of fitness clubs and leisure management services.

EMPLOYEES:
The average number of employees in 1992 was 98, by 1995 it was 836, reflecting the rapid growth of the company. It had doubled to 1,625 in 1996 and rose further to 2,272 in 1997.

	PUBLIC SERVICES INTERNATIONAL RESEARCH UNIT @ Business School,

Company Name: Relaxion (UK)

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