FTF Foresight Enterprise Vct Plc

RNS Number:5387V
Fitness First Plc
7 May 2002




                      FITNESS FIRST PLC ("Fitness First")

                          ANNOUNCES THE ACQUISITION OF

                     CURZONS MANAGEMENT ASSOCIATES LIMITED

                                                                      7 May 2002


Fitness First is pleased to announce that it has acquired the entire issued
share capital of Curzons Management Associates Limited and its subsidiaries ("
Curzons"), a wholly owned subsidiary of Whitbread Plc, for a cash consideration
of £6 million.



Curzons operates 12 health clubs situated in prime locations in Central London.
The facilities range in size from 5,000 sq. ft to 11,000 sq. ft. of gym and
studio areas and are a similar format to Fitness First clubs in London. The
Curzons clubs currently have approximately 13,000 members and over the next six
to twelve months the clubs will be upgraded and integrated in to the Fitness
First 'portfolio'.




In the year ended 2 March 2002, Curzons reported earnings before interest and
tax of £547,000 on turnover of £5.4 million. On the completion date, Curzons'
net assets excluding intra-group debt was approximately £9 million.



The acquisition will significantly enhance Fitness First's presence in London,
one of its key markets within the UK, and increase the number of clubs the Group
operates in the region from 26 to 38. As a consequence of the upgrading and
refurbishment of a number of clubs, the acquisition is not expected to
contribute to the Group's earnings in the current financial year ending 31
October 2002.



Mike Balfour, Chief Executive of Fitness First, commented:

"The acquisition of Curzons further strengthens our position as the largest
operator of health and fitness clubs in the UK and as a major operator
worldwide. I am delighted that, in one strategic step, we have been able to
increase significantly our presence in the important London market. The acquired
clubs are ideally located in areas of London with good catchment potential. I am
confident that with additional investment we can bring them up to Fitness
First's standards and significantly improve membership levels over the next 12
to 18 months".





Enquiries:

Fitness First Plc
Michael Balfour, Chief Executive                                    01202 845103
Colin Child, Finance Director

Gavin Anderson & Company                                           020 7554 1400
Rebecca Penney/Amelia Hine

Whitbread Group Plc                                                0207 806 5442
Dan Waugh



Notes to Editors:



Fitness First:

-        Fitness First was floated on the Alternative Investment Market in
October 1996 at a 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 3 May
2002 of 462.5 pence, the Group has a market capitalisation of approximately £530
million.



-        Founded in 1992, Fitness First is based on the objective of developing
a chain of health and fitness clubs to focus on the model 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 follows a consistent format of
providing high quality facilities that are typically most used by club members,
including a well-equipped gymnasium, aerobics studios, luxury changing
facilities, spa area, lounge and beauty salon. Clubs have a free video and DVD
library, 16-channel entertainment system and provide complimentary soft drinks,
coffee and tea.



-        Fitness First currently operates 245 clubs of which 115 are in the UK
and 130 are overseas. Fitness First is also located and has significant presence
in Germany, Belgium, Spain, The Netherlands, Italy, France, Australia and Asia.




Curzons:



-        Founded in 1993 by Curzon Management Associates. Acquired by Whitbread
Plc in March 1997.



-        Curzons comprises 99 employees across 12 clubs, including nine at its
Albany Street (NW1) head office.



-        Curzons clubs are all based in and around central London and can be
found at the following locations:

Albany Street (NW1); America Square (EC3N); Bedford Street (WC2); Berkeley
Square House (W1X); Embankment Place (WC2N); Fetter Lane (EC4A); Gracechurch
Street (EC2V); Great Marlborough Street (W1V); High Holborn (WC1V); Liverpool
Street (EC2M); London Bridge (SE1); and Stag Place (SW1E).



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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