Fitness First Plc - Acquisition
29 6월 2000 - 4:03PM
UK Regulatory
RNS Number:0220N
Fitness First Plc
29 June 2000
FITNESS FIRST PLC ("Fitness First")
EXPANDS INTO ASIA THROUGH THE
ACQUISITION OF SPORTathlon HOLDINGS LIMITED
Fitness First Plc, which also released its interim results today, announces
that it has acquired the whole of the issued share capital of SPORTathlon
Holdings Limited ("SPORTathlon"), a wholly owned subsidiary of First Pacific
Company Limited (a Hong Kong-listed company) for US$4.45 million (#2.99
million) in cash.
SPORTathlon, established in 1985, is primarily engaged in the operation of
health and fitness clubs, spas and the sale of fitness equipment in Hong Kong,
Singapore, Thailand, Philippines and China. The company has 7 health clubs; 3
in Hong Kong, 2 in Singapore and 2 in Thailand. The clubs currently have a
combined total of 4,600 members. In addition, the company has management
contracts for 2 health and fitness clubs located in China and Indonesia.
SPORTathlon reported a loss of HK$1.2 million (#0.1 million) with net tangible
assets of HK$17.2 million (#1.47 million) in respect of the year ended 31
December 1999. The company anticipates that it will be profitable in the
current year following the recent disposal of its loss making magazine and
convention business.
Fitness First intends to retain the 226 staff employed at SPORTathlon and has
made arrangements for SPORTathlon senior management to participate in an
incentive scheme to acquire a 10 % interest in the issued share capital of
SPORTathlon.
Fitness First believes that the acquisition will provide an established
platform from which to expand its quality "Affordable Health and Fitness
Clubs" concept into Asia. In addition to acquiring SPORTathlon's existing
clubs, Fitness First will gain an experienced management team, with which it
can develop the existing SPORTathlon business.
Fitness First, listed on the London Stock Exchange, is the leading operator of
health and fitness clubs in Europe with 98 clubs - 66 clubs in the United
Kingdom, 28 in Germany and 4 in Belgium with clubs due to open in Spain and
Holland at the end of the year.
Anglo & International Corporate Finance, Limited advised Fitness First on the
acquisition of SPORTathlon.
Mike Balfour, Managing Director of Fitness First, commented:
"The SPORTathlon Group is an excellent company with an experienced management
team, with which we will be able to develop our quality, 'Affordable Fitness'
concept in the large Asian market. The strategy behind the acquisition is
similar to that of our German venture when we invested in an experienced
management team with great success"
For further information, please contact:
Fitness First Plc. Today until 3.30pm: 020 7457 2345
Mike Balfour, Managing Director Thereafter: 01202 845 000
Nigel Cartwright, Finance Director
Gavin Anderson & Company Tel: 020 7457 2345
Marc Popiolek / Rebecca Penney
SPORTathlon Holdings Limited Tel: ++ (852) 2805 5802
Michael Lamb
Anglo & International Corporate Finance, Limited Tel: 020 7930 9700
Dennis Cassidy
Notes to Editors:
Fitness First:
* Fitness First was floated on the Alternative Investment Market in October
1996 at a price of 80 pence per share. In February 1999 the Company moved
to the Official List. On the basis of the closing share price on 28 June
2000 of 1090 pence, the Group has a market capitalisation of
approximately #490.0 million.
* Founded in 1992, Fitness First was created with the objective of developing
a chain of health and fitness clubs to focus on the concept of
quality "Affordable Fitness", providing health and fitness club facilities
that tend to be in most demand for a relatively modest subscription fee
of around #31 per month (#39 in London) and a joining fee of typically
#40.
* A typical Fitness First health club, with a fit out costing between
#600,000 to #1.2 million for a leasehold site and on average #2.2 million
for a freehold site, provides a large gymnasium with a wide
variety of cardiovascular and resistance equipment, a large air
conditioned aerobics studio and luxury changing facilities leading on to a
health spa consisting of a large sauna, steam room and whirlpool bath.
Also provided are extensive free parking, creche, lounge area with
complimentary soft drinks, beauty salon and a members' video library
consisting of over 600 titles.
* Fitness First currently operates 66 clubs in the UK, by location:
Aintree, Bangor, Belfast, Berkhamsted, Birmingham, Bournemouth, Bow Wharf,
Bradford, Bristol, Brixton, Bromborough, Bunhill Row, Burton On Trent,
Camberley, Camden, Chalk Farm, Chatham, Chelmsford, Chesterfield, Clapham
Junction, Coventry, Derby, Dundee, Edinburgh, Fareham, Glasgow, Godalming,
Halifax, Harrow, Hartlepool, Holloway, Huddersfield, Ilford, Ipswich,
Kilburn, Kingly Street, Kingsbury, Leeds, Lewisham, Luton, Mere Green,
Mitcham, Newport, Northampton, Nottingham, Pinner, Poole, Preston, Purley,
Rochdale, Rotherham, Runcorn, Sheffield, Shrewsbury, Southampton, Southend,
Stoke On Trent, Swindon, Telford, Tottenham, Walworth Road, Wednesbury,
Whitefield, Wolverhampton, Wrexham, York.
A further 8 clubs are currently under construction.
* In August 1998, Fitness First became the first UK health and fitness club
operator to take a significant step into Europe with a 50% acquisition of
The Fitness Company Freizeitanlagen GmbH ("The Fitness Company") in
Germany. In February 2000, Fitness First made arrangements to acquire
the balance of shares in The Fitness Company in Germany and raised a
further #25.4m to accelerate the expansion programme in Continental
Europe.
The Fitness Company currently operates 28 clubs throughout Germany with
55,000 members and 4 clubs under construction.
* In October 1999, Fitness First announced its 40% joint venture with Passage
Invest NV to develop a chain of fitness clubs in Belgium and Luxembourg.
The Clubs operate under the name Passage Fitness.
* Passage Fitness, Belgium, currently operates four clubs located in Gent,
Waregem, Kortrijk and Roeselare. Total membership exceeds 5,000.
* UK membership has increased to over 160,000 and when added to the 55,000
members in Germany and the 5,000 in Belgium, gives Fitness First a total
membership in excess of 220,000.
* Construction has begun on 3 sites in Spain and 1 in Holland, and
development will begin shortly on 2 sites in France.
* Fitness First has now appointed General Managers in Spain, Holland, France
and Italy and has or is in the process of forming the appropriate corporate
structure.
* Fitness First has now opened its own residential training academy,
adjoining its Chesterfield club. The Fitness First Training Academy, which
also accommodates up to 40 people, provides staff with courses in
management, sales and fitness training.
END
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