Tue, 07 Mar 2017 | BUSINESS SALE
The private equity owners of the David Lloyd gym chain are preparing for a £1.3 billion sale of the business, according to reports.
The Telegraph said TDR Capital is looking to sell the chain after acquiring 16 Virgin Active fitness clubs from South African investment group Brait.
The newspaper said the sale is drawing interest from large private equity houses. An official auction is expected to take place this summer.
However, any sale is thought to be subject to the UK’s competition watchdog investigation into David Lloyd’s acquisition of those Virgin Active clubs.
David Lloyd operates 81 clubs in the UK and 11 in Europe, with 475,000 members and 6,000 employees.
The Telegraph said that the Virgin Active deal would boost David Lloyd’s earnings by around £10 million, helping TDR secure a higher price for the group, which was established in 1980 by David Lloyd, the former tennis player.
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