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Former Topnotch CEO buys clubs from administrators

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Eight Topnotch health club sites have been sold to a new company called Topnotch Fitness, spearheaded by the chain’s former CEO, Matthew Harris.

The Topnotch chain was established by Harris in 1991 with a Middlesex site, although a too rapid expansion led to financial difficulties in 2002 and the chain was put into forced administration last month with debts of around £6m.

The eight clubs, which are all leasehold, are located in Birmingham, Whiteleys Shopping Centre in Bayswater, Bournemouth, Bristol, Besham, Croydon, London Bridge and Northampton.

While there were 10 separate bidders in the Topnotch auction, Harris’ consortium offered the highest bid – thought to be around £3-4m.

The sale was made by joint administrators Mike Oldham and Simon Bower of RSM Robson Rhodes, advised by Edward Symmons Hotel and Leisure.

Mike Oldham said: “We have been very pleased with the level of interest generated in the club and the number and quality of the bids put forward. This shows confidence for the business going forward and is an excellent result for club members and staff.”

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Eight Topnotch health club sites have been sold to a new company called Topnotch Fitness, spearheaded by the chain’s former CEO, Matthew Harris.
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