RNS Number:0239T
Fitness First Plc
25 October 2000
FITNESS FIRST PLC ("Fitness First")
EXPANSION INTO AUSTRALIA WITH THE ACQUISITION OF THE AUSTRALIAN OPERATIONS
OF HEALTHLAND INTERNATIONAL
Fitness First today announces that it has entered into an agreement to acquire
the Australian-based assets of the health and fitness club operator,
Healthland International Limited ("Healthland") for a consideration of up to
AUS$12 million (approximately #4.33 million).
The acquisition of the operations is conditional upon the consent of the
clubs' landlords to the assignment of the underlying lease agreements to
Fitness First, and includes the six sites available for development. Further
details of the transaction will be announced as soon as the arrangements with
each of the landlords concerned have been finalised.
Healthland, a 57.8% subsidiary of the Johannesburg-quoted company, Leisurenet
Limited ("Leisurenet"), was the leading health and fitness club operator in
Australia, where it operated eleven clubs with in excess of 45,000 members and
owned a further six development sites.
This agreement follows the announcement by Leisurenet on 6 October 2000 that
Healthland, which also owns major health clubs in Europe, was unable to meet
its obligations to its creditors and precipitated Leisurenet's subsequent move
into administration. Prior to this move, the Australian assets of Healthland
had a bookvalue of AUS$29million (approximately #10.5 million).
Tony De Leede, an Australian national who recently sold his chain of 23 health
clubs under the name of 'Australian Bodyworks' in Atlanta, USA, will become
the Chief Executive Officer of Fitness First Australia and arrangements are in
place for Mr De Leede to acquire 15% of the shares in Fitness First Australia.
Mike Balfour, Managing Director of Fitness First, commented:
"This agreement provides us with an excellent opportunity to further expand
our operations in the Asia-Pacific region and serves as an excellent bolt-on
to our operations in South-East Asia, following the acquisition of SPORTathlon
in June this year.
"This move will allow us to gain a leading foothold in what is a growing
market for the health and fitness industry and we believe we have the
expertise and proven management skills to operate these clubs profitably."
For further information, please contact:
Fitness First Plc Tel: 01202 845 000
Mike Balfour, Managing Director Today Tel: 0973 801 411
Nigel Cartwright, Finance Director Today Tel: 0966 209 952
Gavin Anderson & Company Tel: 020 7457 2345
Rebecca Penney
Investec Henderson Crosthwaite Tel: 020 7597 5970
Andrew Edwards/James Grace
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 24 October
2000 of 1170 pence, the Group has a market capitalisation of approximately
#534 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 72 clubs in the UK, by location:
Aintree, Ashford, Bangor, Belfast, Berkhamsted, Birmingham, Bournemouth, Bow
Wharf, Bradford, Bristol, Brixton, Bromborough, Bunhill Row, Burton On
Trent, Camberley, Camden, Cardiff East, Cardiff West, 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, Moston, Newcastle, Newport,
Northampton, Nottingham, Pinner, Poole, Preston, Purley, Rochdale, Romford,
Rotherham, Runcorn, Sheffield, Shrewsbury, Southampton, Southend, Stoke On
Trent, Swindon, Telford, Tottenham, Walworth Road, Wednesbury, Whitefield,
Wolverhampton, Wrexham, York.
A further 11 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 29 clubs throughout Germany with
60,000 members and 3 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 six clubs located in Gent,
Waregem, Kortrijk, Roeselare, St. Niklaas and Aalst. Total membership
exceeds 6,000.
- In June 2000, Fitness First purchased 90% of the shares of SPORTathlon, a
Hong Kong based company with health club operations in Hong Kong, Singapore
and Thailand with a total of 5,000 members, for a purchase consideration of
#3 million.
- UK membership has increased to over 165,000 and when added to the 60,000
members in Germany and the 6,000 in Belgium and 5,000 in the Far East, gives
Fitness First a total membership in excess of 236,000 prior to the
acquisition of Healthland.
- 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.
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