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Fitness First considers private equity offers
Fitness First may be the latest UK health and fitness operator to quit the stock market, after the company announced that it was investigating a number of potential offers from private equity houses.
The chain, which issued a profit warning in October, said it had started a formal process to maximise shareholder value, which could include considering an offer.
'We've asked our advisors to investigate any serious offers,' said Mike Balfour, chief executive of Fitness First. 'They'll report back to the board and we'll decide from there if the offers are worth following. In the meantime its business as usual.'
Asked if he would consider a management buyout, Balfour said: 'At the end of the day we have to maximise shareholder value, and at this stage we are considering all the options.'
Cannons and Esporta have already opted for privatisation route in the past 18 months, which Balfour agreed may prove the better option for health and fitness companies in the long run: 'The stock market can be very harsh on companies in this industry.' Details: +44 (0)1202 845 000
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