Sir Richard Branson is preparing to cash in on his multi-million stake in Virgin Active with a sale or flotation of the chain. Management of the international health and fitness chain is understood to have met with private equity investors including KKR, Blackstone, Advent and CVC regarding a £1bn sale. Virgin is also looking at the option of floating the business on the London Stock Exchange. Sir Richard is understood to have instructed investment banks Goldman Sachs, Citi and Royal Bank of Scotland to work on the listing. The chain has 187 clubs and 1m members across Britain, Italy, Spain, Portugal and South Africa. The plan for an exit is being led by Virgin Active chief executive Matthew Bucknall. Sunday Telegraph, business, p1; Sunday Times, business, p1