Health club operator Fitness First has completed its restructuring, following a turbulent two-year period during which the privately-owned group has struggled under a burden of debt.

Announcing the company's full year results for 2011, CEO Andy Cosslett said: "It's no secret that 2011 was a difficult year for us."

"We have rationalised our portfolio of clubs so that we have fewer, more profitable sites across the world."

In February 2012, following a difficult period of trading, Fitness First parted company with then chief executive Colin Waggett, chief financial officer Duncan Tatton-Brown and UK managing director John Gamble.

They were replaced by turnaround specialist Chris Stone as CEO and Jan Kengelbach of BC Partners - the private equity company that acquired the business in 2009 - as interim CFO.

Fitness First was only saved from administration in June 2012 due to successfully re-negotiating reduced rates with its landlords via a company voluntary arrangement (CVA). The group is now controlled by Oaktree Capital Management and Marathon Capital.

After setting the restructuring in motion, Stone handed over to current CEO Andrew Cosslett - a former chief executive of Intercontinental Hotels Group.

Cosslett said that during the 12 months to 31 October, Fitness First achieved more than £100m of pre-tax earnings (EBITDA) and that the company's "troubles are behind it".

"We have new owners who have completed a financial restructuring of the business that means we are effectively debt free," he said.

"In addition to our strong cash generation, we have capital available from our new owners which will allow us to invest in our remaining clubs and radically improve the experience of our customers.

"Fitness First is a great brand that is going to get even better and I look forward to its future with real excitement."

Fitness First is one of the largest health club operators in the world with more than 400 clubs worldwide serving 1.1 million members.