The contract management business operated under the Fitness Express and Imagine Spa brands has secured significant investment to enable the business to acquire more sites.

The backing has come from funds under the control of Downing Corporate Finance, which has taken a 30 per cent shareholding in the business.

The business will now operate under a newly formed holding company: Mosaic Spas and Health Club.

The management team of Steve Taylor, Oliver Wright and Dave Courteen have also slightly increased their shareholding.

"Over the last five years, we've grown our spa business and have "opportunities for further growth which require us to inject capital," said Dave Courteen, MD of Fitness Express.