A new fitness club chain - nuyuu fitness - is set to launch later this year as the result of a £2m partnership between businessman James Caan and former LA Fitness national sales manager, Ben Silcox.

The new chain has already acquired three LA Fitness gyms in Slough, Berkshire; Livingston, Scotland and East Grinstead in East Sussex, with a further three sites to be announced within the next six months. Caan - one of the stars of the BBC programme, Dragons' Den - is backing the nuyuu venture through private equity company, Hamilton Bradshaw. He revealed that a total of 11 sites are currently in the company's pipeline, with a target of eight openings for the first year.

Within its first two years, nuyuu aims to have achieved significant growth with a "very aggressive strategy" that expects to see the opening of around 15 sites by the end of the second year. However, Caan said that this would be determined by a number of factors. He said: "We have to make sure that the sites, the locations and the demographics are right. The location has to work - to be accessible and affordable, while able to provide a high-quality service."

nuyuu fitness clubs will offer customers modern facilities with a range of cv and resistance machines equipped by Precor, as well as Vibrogym systems, which are designed to accelerate weight loss. The company will provide customers with the option of monthly memberships costing £19.99 based on a 12-month contract, or £24.99 per month for members who opt to sign-up on a non-contract basis.

"The sector is ripe for a heavyweight investor to come on board and the nuyuu proposition is compelling," said Caan. "That, plus the fact there are some great deals to be made on properties at the moment, places nuyuu in the ideal position to spearhead growth." nuyuu's launch will see Caan entering the health and fitness sector alongside fellow Dragons' Den star, Duncan Bannatyne. However, Caan believes that both 'Dragons' could profit as a result of the new venture.

Caan said: "He [Duncan] thought that the proposal hit the button and would like to arrange a meeting between the two boards. Nuyuu has its own niche; it is not a competitor but rather complements what the Bannatyne brand offers." Silcox, who is set to be managing director of the venture, added: "With nuyuu, we believe we have got the formula right and will be a force to be reckoned within the gym industry."