Trading Statement
25 10월 2001 - 4:00PM
UK Regulatory
RNS Number:1159M
Fitness First Plc
25 October 2001
Fitness First Plc
Opening of 200th Club and Increased Bank Facilities
25 October 2001
Fitness First, is pleased to announce the official opening of its 200th club
at Shepherd's Bush, London. This club is also co-incidentally the 100th club
in the UK.
At the official opening of the Shepherd's Bush club last night, Mike Balfour,
Chief Executive said:
"In only nine years, Fitness First has grown from its first club in
Bournemouth to 200 clubs operating in 14 countries. Fitness First is now
firmly established as the largest operator of health and fitness clubs in
Europe and one of the largest operators in the world. Since we announced
record interim results in June this year, the Group has continued to grow and
now has over 400,000 members around the world. Current trading remains strong
and we continue to experience good new membership sales in all our markets
globally.
The opening of our 200th club earlier than expected reflects our confidence in
the further growth and development of the Group. We intend to open
approximately 80 clubs in our next financial year and to finance this on-going
development, I am pleased to announce that we have arranged an additional #80
million in bank facilities, bringing the total funds available to #180
million. The additional borrowings have been fully underwritten by the
Group's arranging banks; The Royal Bank of Scotland, HSBC and Dresdner
Kleinwort Wasserstein; who have been joined by Allied Irish Banks and
Clydesdale Bank as co-arrangers.
Overall we believe the Group is well placed with a clear growth strategy and
good pipeline of clubs to achieve further growth in what is still an immature
global industry."
Preliminary results for the year ending 31 October 2001 will be announced in
late January 2002.
Contacts:
Fitness First Plc Tel: 01202 845103
Michael W Balfour, Chief Executive
Colin C Child, Finance Director
Gavin Anderson & Company Tel: 020 7457 2345
Rebecca Penney/Amelia Hine
www.fitnessfirst.com
Notes to Editors:
Fitness First:
* Fitness First was floated on the Alternative Investment Market in
October 1996 at an equivalent price of 40 pence per share. In February 1999,
the Company moved to the Official List. On the basis of the closing share
price on 24 October 2001 of (x) pence, the Group has a market capitalisation
of approximately #(x) 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 high
quality and value for money, providing health and fitness club facilities that
tend to be in most demand for a relatively modest subscription fee of around #
33 per month (#42 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 an average of #2.2 million
for a freehold site, provides a large air conditioned gymnasium with a wide
variety of cardiovascular and resistance equipment, a large 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' free video library
consisting of over 600 titles.
* Fitness First currently operates 100 clubs in the UK and 100 clubs
overseas, making a total of 200 clubs.
* 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.
At the Interim Results announced on June 2001, The Fitness Company operated 35
clubs throughout Germany with over 74,000 members.
* In November 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 and membership
exceeded 14,000. Passage Fitness, Belgium operated 11 clubs at 30 April 2001.
* 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,
Thailand, Philippines and China with a total of 6,000 members, for a purchase
consideration of #3.2 million.
* In November 2000, Fitness First acquired 11 clubs in Australia together
with a number of development sites, with over 45,000 members which were
previously operated by Healthland International, making Fitness First the
leading health club operator in Australia. At 30 April 200, the Company
operated 13 clubs with over 63,000 members in Australia.
* In December 2000, Fitness First opened two clubs in Spain and has since
opened a further five clubs making a total of eight clubs the Company operates
in the country. Fitness First opened its first club in the Netherlands in
January 2001 and recently opened its third club. Since April 2001, five clubs
have opened in Italy and four clubs have opened in France.
* Fitness First has opened its own residential training academy,
adjoining its Chesterfield club in April 2000. The Fitness First Training
Academy, which also accommodates up to 40 people, provides staff with courses
in management, sales and fitness training.
* An analysis of operating clubs by country at 31 October 2001 is set out
below:
Countries Clubs in Operation
by 31st October 2001
UK 100
In Continental Europe:
Germany 43
Belgium 11
Spain 8
The Netherlands 3
Italy 5
France 4
Australia 15
Far East 11
TOTAL 200
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