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Cannons for sale
Frustrated by the company's under-performance on the stock market, health and fitness operator Cannons is conducting a strategic review which, in effect, sees the company put up for sale.
Chief executive, Harm Tegelaars, called the review because the 'current market valuation of the company does not reflect the true underlying performance or potential of the group'. The company has called upon Close Brothers Corporate Finance to aid the review which will include 'discussions with third parties and other corporate initiatives.' Analysts speculating on the outcome of the company say that other than a management buyout, possible buyers could include UK rivals such as Holmes Place or Fitness First, or even an international operator looking to break into the UK health and fitness market.
Cannons has 37 UK sites, including Chelsea's Harbour Club valued at approximately £30m, and one club in the Netherlands. After the announcement the share price rose 15 per cent to 128.5p, valuing the club at £215m. The shares peaked at 201.5p in January.
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