RNS Number:6020T
Fitness First Plc
6 November 2000
FITNESS FIRST PLC ("Fitness First" or the "Company")
ACQUISITION OF AUSTRALIAN OPERATIONS OF HEALTHLAND INTERNATIONAL COMPLETED
Fitness First becomes one of the leading global health and fitness club
operators
6 November 2000
Fitness First today announces that it has completed the transaction to acquire
ten clubs from the health and fitness club operator Healthland International
Limited ("Healthland"), for AUS$12.4 million (approximately #4.5 million) in
cash. The Company is continuing negotiations for five development sites and
anticipates reaching a satisfactory conclusion to enable Fitness First
Australia to operate at least 15 sites by the end of 2001.
The acquisition follows the announcement by Leisurenet on 6 October 2000 that
Healthland, a 57.8% subsidiary of the Johannesburg-quoted company, Leisurenet
Limited ("Leisurenet"), was unable to meet its obligations to its creditors
and precipitated Leisurenet's subsequent move into administration. Prior to
this move, Healthland was the leading health and fitness club operator in
Australia with assets with a bookvalue of AUS$29million (approximately #10.5
million).
Fitness First has already assumed management of the clubs, located primarily
in the Sydney region with a combined total membership in excess of 40,000, and
has made the necessary changes to substantially reduce overheads. As a result
of this, Fitness First anticipates that the operations will breakeven within
the next twelve months and be profitable in the year 2002. It has also
introduced membership strategies in line with those of the UK at the
Australian clubs, whilst continuing to honour existing membership agreements.
Tony De Leede, an Australian national who recently sold his chain of
'Australian Bodyworks' branded health clubs in the US, has begun his role as
Chief Executive Officer of Fitness First Australia. Arrangements are in place
for Mr De Leede to acquire 15% of the shares in Fitness First Australia,
reducing Fitness First's investment to #3.8 million.
During the year 2000, Fitness First has made major headway in achieving its
strategy of becoming a global player in the health club industry. Already the
market leader in the UK, Germany and Belgium, Fitness First is building clubs
in Spain, Holland and France and will soon commence building in Italy. In June
2000, Fitness First acquired 90% of the shares of SPORTathlon, a Hong Kong
based company engaged in the operation of health and fitness clubs, spas and
the sale of fitness equipment in Hong Kong, Singapore, Thailand, Philippines
and China. With the acquisition of Healthland, Fitness First immediately
becomes the market leader in Australia.
Mike Balfour, Managing Director of Fitness First, commented:
"The year 2000 has been an important year for Fitness First. We have
successfully secured platforms in 10 new countries from which to build
additional Fitness First clubs, in addition to continuing our rapid roll-out
in the UK and Germany. We are now one of the leading health club operators in
the world"
For further information, please contact:
Fitness First Plc
Mike Balfour, Managing Director Today Tel: 0973 801 411
Nigel Cartwright, Finance Director Tel: 01202 845 000
Gavin Anderson & Company Tel: 020 7457 2345
Rebecca Penney
Investec Henderson Crosthwaite Tel: 020 7597 5970
Andrew Edwards
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 3 November
2000 of 1135 pence, the Group has a market capitalisation of approximately
#519 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 73 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, Hull, 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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