Holmes Place in joint venture with Bally Total Fitness
Holmes Place has agreed a joint-venture agreement with Bally Total Fitness to develop Holmes Place clubs in the USA and Bally clubs in Europe.
Bally and Holmes Place will each acquire a 50 per cent interest and will share equally in the profit and loss of the business.
The agreement covers the opening of two Holmes Place clubs in Chicago and three Bally clubs in central Europe. Initial total cash investment will be £11m with Holmes Place investing £5.5m in two tranches. Together we believe we can create a profitable business with long-term value for our shareholders, said Allan Fisher, chief executive of Holmes Place.
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