Speculation is mounting that Fitness First could soon be up for sale, with owner Oaktree Capital Management said to be lining up a potential suitor for the gym chain.

One insider told Health Club Management that private equity firm Oaktree would “sell Fitness First today if it could,” noting that private equity is “ultimately, all about returns.”

Meanwhile, several recent business decisions have suggested that Oaktree may be planning an exit strategy. Chief among these was the decision in June to replace CEO Andrew Cosslett with Oren Peleg, one of Oaktree’s senior managers who has a strong pedigree in finance. Peleg's appointment sparked suggestions that he will move to cut costs and boost earnings ahead of a potential sale of Fitness First by Oaktree, which bought the company in 2012.

Since then, Fitness First has indicated that it is open to selling at least some of its UK locations. Sports Direct Fitness has refused to comment on rumours that it has been weighing up a bid for the wider Fitness First portfolio, having recently lost out to Pure Gym in the race to acquire similar-style gym chain LA fitness. Despite this, Sports Direct has indicated that it is eager to gain a stronger foothold in the south east of England – where Fitness First has more than 50 sites – backed by a £250m ‘war chest’.

Fitness First has recently outsourced its public relations to Tulchan Communications – a firm which “specialises in advising companies on their Capital Market Communications” as well as the “preparation and articulation of a compelling investment case, wrapped in a strong corporate narrative.”

A Tulchan spokesperson was unable to confirm or deny whether Fitness First is up for sale, stating simply: “No comment.”