Mon, 05 Dec 2011 | BUSINESS SALE
The owners of the David Lloyd Leisure fitness clubs have appointed advisers to explore a sale of the brand’s 89 centres.
The clubs are jointly owned by the Livingstone brothers and Caird Capital, the Lloyds Banking Group private equity vehicle. It is thought the sale is part of efforts by Lloyds bank to restructure the finances of David Lloyd, which is now the bank’s second largest corporate debt.
There are 79 David Lloyd fitness clubs across the UK, with ten more clubs in Ireland, Belgium, the Netherlands and Spain.
A spokesman for David Lloyd Leisure said: “The company is trading well and is in good shape. It was always going to be the case that the shareholders would review their options and that won’t be an instant process.”
The chain of gyms was founded by former British Davis Cup team captain, David Lloyd, in 1981. It was bought by its current owners at the height of the private equity boom in May 2007 for £940 million by a consortium including property firm London & Regional. London & Regional’s Next Generation chain of gyms were transformed into David Lloyd as part of the acquisition. The group is now thought to have debts of around £1.3 billion.
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