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06 Mar 2017
David Lloyd prepares for £1.3bn sale
BY
Matthew Campelli
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David Lloyd will have 111 health and fitness clubs once its Virgin Active acquisitions are ratified
TDR Capital, the owner of the David Lloyd gyms, is gearing up to sell the chain in a £1.3bn (US$1.6bn, €1.5bn) deal following its acquisition of 16 Virgin Active clubs. According to a report in the Telegraph, a number of private equity firms are circling the mid-market brand ahead of an official auction in the summer.
David Lloyd was bought by TDR for £750m (US$919.6m, €868.1m) in 2013. It’s estate comprises of 83 fitness clubs in the UK and a further 12 on the continent in the Netherlands, Belgium and Spain.
That number will rise to 111 overall once the acquisition has been rubberstamped by the Competition and Markets Authority (CMA), although a formal investigation is due to get under way.
As well as acquiring the sites, TDR has also ploughed £120m (US$147.1m, €138.9m) into refurbishing its estate, including the opening of five new-build clubs.
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• Virgin gets right to wipe out rent arrears
• Fitness industry mourns passing of Jan Spaticchia
• STA offers mindfulness resources
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