(Bloomberg) -- Brait SE, a South African investment holding company backed by billionaire Christo Wiese, expects to sell its current portfolio in the next 18 months to three years and return money to investors.

The owner of food maker Premier, UK apparel chain New Look and Virgin Active gyms is finalizing a recapitalization plan and has extended the San Ġwann, Malta-based company’s debt by three years. It has already sold its holding in Iceland Foods Ltd.

Following that there’s “a journey to realize value from the three assets that remain,” Brait Chief Executive Officer Peter Hayward-Butt said in an interview Tuesday. “Hopefully that can be done in a short order.”

Brait announced a plan to sell all its assets in late 2019 following an overhaul. At the same time it hired Ethos to manage its portfolio. A disposal of Virgin Active, 67% of Brait’s total assets, was delayed because of the Covid-19 pandemic.

Premier, which last year resumed trading in Johannesburg following a 17-year hiatus and earlier this month reported a 26% rise in annual operating profit, can be exited relatively quickly, Hayward-Butt said. New Look may take 18 months to sell as “we just need to see the green shoots of recovery from the UK fashion retail space,” he said.

Virgin Active, which has “really recovered fantastically well” is still not back to the number of gym memberships it had before the pandemic and it “needs get back to those levels before we can monetize it.” This may be the last of the three units to be sold, Hayward-Butt said.

While the debt extension from December 2024 means Brait can take that amount of time to sell the units, “there’s also no compunction to wait for three years,” he said.

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