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Retail tycoon Christo Wiese, who took a serious beating on Steinhoff International, has made his first significant new investment in about four years by pumping more than R1bn (£50m) directly into fitness chain Virgin Active.

Virgin Active is controlled by investment company Brait, where Wiese is also the largest investor. That might have been perceived as a positive for Virgin Active, which is trying to work its way back to 2019’s earnings before interest, tax, depreciation and amortisation (ebitda) figure of £140m (R2.8bn)...

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