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06 Aug 2013
Fitness First targets £77.5m investment to revive brand
BY
Chris Dodd
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Fitness First plans to invest £77.5m in order to renovate tired clubs, explore new fitness ideas and develop 15 new sites in major cities across the world. The move comes as Fitness First’s chief executive officer, Andy Coslett, looks to revive the business after it came close to administration last year.
A large portion of the investment will see money being spent on the renovation of old clubs, while the company also wants to use the money to test out new ideas, in order to reassert itself in what is now a highly competitive market. It is thought around £44m will be spent to carry out both of these objectives.
Intriguingly, the fitness chain, which operates more than 330 clubs across the world, will spend £29m of the investment on opening 15 new sites in Asia, Germany and India.
The expansion comes in response to suggestions that there could be more demand for Fitness First’s upmarket Platinum gyms in foreign markets.
The majority of the new clubs will be based in Asia – in countries such as Singapore, Malaysia and Thailand – though two clubs are also being planned for Germany, in the cities of Hamburg and Berlin.
The investment follows a smaller introduction of £20m into the UK business earlier this year.
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