Brait

What Brait does

Brait PLC is a publicly listed investment holding company domiciled in Mauritius and headquartered in San Gwann, Malta, with shares traded on the Johannesburg Stock Exchange (JSE: BAT) and the Luxembourg Stock Exchange under ISIN LU0011857645. Through its wholly-owned subsidiary Brait Mauritius Limited (regulated by the Mauritius FSC under license C105002126), the company manages a concentrated portfolio of three majority-owned investments: Virgin Active (a global health club operator with over 1,021,900 members across eight countries, contributing 54% of group assets), Premier (a South African FMCG group generating R21.2 billion in annual turnover across 13 bakeries, 7 wheat mills, 3 maize mills and 28 distribution depots employing over 8,600 staff), and New Look (a UK and Ireland value-fashion omnichannel retailer). Brait itself has 11-50 employees and generates revenue through capital appreciation, dividends, and exit proceeds from these portfolio companies, rather than through consolidated operating revenue.

Following a 2019-2020 recapitalisation crisis during which net debt peaked at R7 billion, Brait executed a 2024 recapitalisation that included a R2.5 billion rights offer, partial redemption of £138 million in convertible bonds, and R750 million repayment of BIH Exchangeable Bonds, reducing net debt to R1.7 billion. NAV per share has nonetheless declined from 706 cps in March 2023 to 327 cps in March 2026, reflecting valuation mark-downs across the portfolio despite operating progress such as Virgin Active's 37% year-over-year EBITDA growth to £110 million and Premier's 218% revaluation since its 2023 relisting. The company is now pursuing a further R2.5 billion rights offer in 2026 to complete the deleveraging plan and fund exits of its remaining portfolio companies within a two-year horizon.

Ethos Management Company (formerly TRG Africa) serves as Brait's non-discretionary investment advisor under a R50 million FY25 service fee arrangement. The board is chaired by former Citigroup Vice Chairman Anthony Nelson, with significant shareholder Dr Christoffel Hendrik Wiese represented by Paul Roelofse of Oryx Partners. The investment thesis for Brait is effectively a portfolio liquidation vehicle play: investors are paying for optionality on the orderly exit of Virgin Active, Premier and New Look, with the discount to NAV and the success of the 2026 rights offer being the principal swing factors for equity returns.

Name

Brait

Legal name

Brait PLC

Website

https://brait.investoreports.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Brait PLC is a JSE- and LuxSE-listed investment holding company that owns and manages three portfolio companies: Virgin Active (global health clubs), Premier (South African FMCG), and New Look (UK fashion retail), targeting exits within two years.

Ownership category

akta.pro rank

Headquarters

HQ city

San Gwann

HQ country

Malta

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Others, Personnel, Infrastructure

Revenue model

1. Investment returns and portfolio management: Brait generates returns through capital appreciation, dividends, and exit proceeds from its portfolio companies (Virgin Active, Premier, New Look). The company also earns income from bond instruments and manages debt obligations.

Distribution channels3 records

Marketing channels1 record

Core offering

Brait PLC is a JSE-listed investment holding company that owns and manages a focused portfolio of three majority-owned companies: Virgin Active (a global health club operator with over 1,021,900 members across eight countries), Premier (a South African FMCG company with R21.2 billion annual turnover), and New Look (a UK value-fashion omnichannel retailer). The company generates returns through capital appreciation, dividends, and exit proceeds from these portfolio investments, while being advised by Ethos Management Company on a non-discretionary basis.

Product overview

Brait is an investment holding company with a focused portfolio of three remaining investments: Virgin Active (global health club operator), Premier (South African FMCG company), and New Look (UK fashion retailer). Brait does not operate a unified product platform but rather holds stakes in portfolio companies across health/fitness, consumer goods, and retail sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Virgin Active (portfolio investment) Global health club operator with clubs across eight countries (South Africa, UK, Italy, Australia, Namibia, Botswana, Thailand, Singapore) serving approximately 1,021,900 active members worldwide. Reported £110m EBITDA with 37% YoY growth; 54% of Brait's asset portfolio.
• Premier (portfolio investment) South African FMCG company with R21.2 billion annual turnover and over 8,600 employees. Operates 13 bakeries, 7 wheat mills, 3 maize mills, and manufacturing plants producing sugar confectionery, feminine hygiene, biscuits, animal feeds, pasta, and mageu, distributed via 28 depots in South Africa, Eswatini, Mozambique, and Lesotho.
• New Look (portfolio investment) Leading value-fashion omnichannel retailer in the United Kingdom and Republic of Ireland with an online business covering key international markets. Focuses on delivering value for money and 'newness' with broad appeal ranges catering to ages from early teens to 45 and over, including an online men's range.

Quantifiable outcome

• Virgin Active 37% YoY EBITDA growth to £110m
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Remgro Limited: JSE-listed investment holding company with diversified operating business investments across healthcare, financial services, consumer products, and infrastructure. Highly comparable in structure to Brait as a publicly listed vehicle holding majority/minority stakes in operating companies with portfolio company consolidation themes.
• PSG Group: JSE-listed investment holding company focused on financial services, banking, education, and consumer businesses. Comparable as a listed South African holding entity with concentrated operating company investments and active capital allocation.
• Hosken Consolidated Investments (HCI): JSE-listed investment holding company with interests in gaming, hotels, media, and transport. Directly comparable in structure to Brait as a publicly traded South African holding entity pursuing value creation through diversified operating company ownership.
• RMI Holdings: JSE-listed investment holding company historically focused on financial services assets including OUTsurance and Discovery. Similar listed holding structure with concentrated portfolio company exposure and active capital recycling strategy.
• 3i Group plc: LSE-listed private equity and venture capital investment company managing third-party capital. Comparable as a publicly listed PE investment vehicle, though operating model differs (third-party fund management vs. direct holding).
• Kinnevik AB: Swedish-listed investment holding company with concentrated positions in consumer-facing technology and digital health businesses. Directly comparable as a publicly listed entity holding strategic stakes in operating companies with active portfolio management.
• African and Overseas Enterprises: JSE-listed investment holding company with interests in fashion retail and other consumer businesses. Comparable to Brait in its JSE-listed holding structure and consumer sector exposure (overlaps with Brait's New Look fashion retail holding).
• Universal Partners: Stock Exchange of Mauritius and JSE Alt-X listed investment holding company. Highly comparable to Brait in structure and domicile, with current Brait board member Pierre Joubert serving as Universal Partners' CEO.

Broad incumbents

• Naspers Limited: Largest JSE-listed company and global internet/investment holding entity. While significantly larger and more global, it operates a comparable listed holding model investing in and exiting operating businesses, serving as a benchmark for the listed investment holding category.
• Investec Limited: Dual-listed South African and UK banking and investment group with wealth management and asset management divisions. While much larger and broader, it shares a comparable dual JSE/LSE-listed structure and provides investment management services to institutional clients similar to Brait's investor base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/poool

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Brait