Exclusive: Fitness First Germany sale decision expected ‘in weeks’ | Leisure Opportunities
Job Search
see all jobs
Latest job opportunities
star job
St Michaels Hotel and Spa
Competitive
Falmouth, Cornwall, United Kingdom
Mytime Active
£50,000 - £55,000
Midlands, United Kingdom
Liberty Leisure Limited
£48,987 - £53,886
Broxtowe, Nottingham, United Kingdom
Grand Jersey Hotel and Spa
Competitive
Jersey, United Kingdom
The Gym Group
up to £20,000 (more in London) + optional PT earnings
Nationwide, United Kingdom

Exclusive: Fitness First Germany sale decision expected ‘in weeks’

Job opportunities
The University of Hull
£27,285 - £32,548
location: Hull, United Kingdom
Huntingdonshire District Council
£20,653
location: Huntingdon, United Kingdom
training
Focus Training
location: Nationwide, United Kingdom
more jobs

A decision on the proposed sale of Fitness First’s 80 health clubs in Germany is expected to be taken in the next “couple of weeks,” Health Club Management can reveal.

Having recently announced an £86m (US$130m, €110m) investment as part of the global health club chains ongoing transformation, CEO Andrew Cosslett said talks to offload the German gyms are ongoing among the various stakeholders, but stopped short of predicting a likely outcome.

“We’ve said we’d look at a sale in Germany so that we can free up capital to get on faster in higher growth areas,” said Cosslett.

“It’s a strong business so there’s been lots of interest. There are a number of stakeholders involved and I think a decision is a couple of weeks away.”

The Germany clubs represent the company’s last European portfolio outside of the UK – following the offload of its 91 clubs across France, Spain, Italy, Belgium, Luxembourg and the Netherlands to Dutch operator HealthCity in 2010/11 – and their sale marks the final act in Fitness First’s shift towards being a UK, Australia and Asia-focused business.

The Oaktree Capital-owned gym chain has been exploring the disposal of its German arm – speculated to be worth around £200m (US$323m €253m) – for a number of months. The portfolio has around 300,000 members and EBITDA of around €30m (US$38.3m £23.7m) per annum.

The capital expected from the Germany deal will allow the chain to speed up its £270m global makeover, which has already brought encouraging revenue results to a number of its city health clubs. The funds will also serve to expedite Fitness First’s major expansion in Asia – where it aims to open up to 50 new clubs in five years – and support R&D ahead of the chain’s planned forays into the technology sector, with a digital platform for fitness and nutrition expected to enter the testing stage in the next couple of months.

To read an exclusive interview with Fitness First CEO Andrew Cosslett – from the March edition of Health Club Management magazine – click here.

Sign up for FREE ezines & magazines
A decision on the proposed sale of Fitness First’s 80 health clubs in Germany is expected to be taken in the next “couple of weeks,” Health Club Management can reveal.
HAF,FIT,IND,PHR
CEO Andrew Cosslett is leading Fitness First through an extensive transformation

More News

11 Dec 2017
Plans have been revealed for an independently owned boutique spa hotel in the heart of Norwich. Designed by Hudson Architects, the hotel – to be ... Read more
11 Dec 2017
Technogym has signed a five-year contract with Loughborough University to supply its Powerbase gym on the campus. Powerbase is one of the largest strength and ... Read more
11 Dec 2017
Peter Elliott, the former Olympic middle-distance runner, has joined the board of Goalball UK to help develop talent and elite performance in the sport. The ... Read more
11 Dec 2017
London architects Sybarite have collaborated with a Japanese fashion giant Onward Holdings to create an authentic Japanese soba noodle restaurant overlooking the River Thames. Located ... Read more
08 Dec 2017
Cate Atwater, the newly appointed chief executive of Sporta – the national association which represents leisure and cultural trusts – has admitted her members face ... Read more
08 Dec 2017
Travel giant Expedia has launched an 'organic spa finder', designed to help customers find authentic wellness experiences across Europe. The interactive guide includes information on ... Read more
Leisure-Net Solutions
Leisure-Net Solutions
08 Dec 2017
Pools, gyms, golf clubs and sports facilities across Edinburgh face an uncertain future following proposals for council budget cuts and new from 2018. Despite the ... Read more
08 Dec 2017
Coventry will be the next UK City of Culture, beating Stoke-on-Trent, Swansea, Sunderland and Paisley to the crown. The announcement last night (7 November) by ... Read more
08 Dec 2017
Fitness and wellness studio FlyFit is planning to expand to three more airports next year, while it puts the finishing touches to its first site ... Read more
07 Dec 2017
Four extra Euro 2020 matches will be hosted at Wembley Stadium, after UEFA said it could wait no longer for Brussels to confirm timescales for ... Read more
07 Dec 2017
A global fitness fundraising initiative, Workout For Water, has raised more than USD$850,000 (€720,490, £633,620) to help combat ongoing humanitarian crises. The campaign centred on ... Read more
07 Dec 2017
The Rugby Football Union has put nearly £100m (US$134.18m, €113.80m) back into the sport this year – an increase of 11 per cent on 2016. ... Read more
MoveGB
MoveGB
07 Dec 2017
Russian virtual reality company Anvio VR has announced plans for a global expansion, starting in London this February, before rolling out its free-roam VR experience ... Read more
07 Dec 2017
Places for People Leisure has expanded its low-cost offering with the purchase of three Simply Gym sites. The handover of the clubs, in Chesterfield, Hinckley ... Read more
07 Dec 2017
Boutique gym operator TRIB3 is in advanced talks with a potential partner to take its brand into Asia as part of its ongoing global expansion. ... Read more
Active IQ
Active IQ
1 - 15 of 37,068
employer of choice
John Treharne, CEO, The Gym Group
Would you like to work for a gym operator that allows you to develop and use your skills to the full whilst being well rewarded? The Gym is totally committed to allowing 'the manager to manage' and rewarding our key personnel for delivery.