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Whitbread sells DLL for £925m
Whitbread, the owner of the Premier Travel Inn budget hotel chain, has sold its David Lloyd Leisure (DLL) health club business to London & Regional Holdings and Bank of Scotland Corporate for £925m.
The DLL portfolio comprises 60 clubs in the UK and Ireland – as well as seven in the Netherlands, one in Spain and one in Belgium – with more than 370,000 members.
The sale price represents DLL’s earnings before interest, tax, depreciation and amortisation for the year to 1 March 2007 (£68.8m), multiplied by 13.4.
Whitbread will initially use the proceeds from the sale to pay down debut and invest in Costa Coffee and Premier Travel Inn. Any excess cash will be returned to shareholders.
Property firm London & Regional already owns the Next Generation health club chain, which it acquired in May last year for £101.7m. Details: www.whitbread.co.uk
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