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Entries in Bannatyne Health Club (1)

Thursday
Jul172014

Two UK chains bounce back

Two major U.K. health club chains that had recently confronted significant financial challenges have apparently managed to deal with them successfully.

LA Fitness Limited and LA Leisure Limited (“LA Fitness”), based in Doncaster, South Yorkshire, will sell 33 of its 80 clubs as part of a restructuring plan that will allow it to focus on a smaller portfolio of 47 clubs. It’s also entered into Company Voluntary Arrangements with its landlords and other creditors that will revise the lease terms at a number of its facilities.

The net financial impact of the changes will be a reduction in the company’s debt burden of approximately $419.8 million (£250 million).

Read on for more on LA Fitness and Bannatyne.

Click to read more ...