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Home » Fitness » Fitness First slims down as business struggles

Fitness First has today announced more than a quarter of its Australian gyms will be culled. Pic: Scott Hornby Source: The Daily Telegraph

THE world's largest gym operator Fitness First has today announced more than a quarter of its Australian gyms will be culled, in a revamp of the health club operator's struggling business.

Fitness First will sell 24 of its 97 clubs after a struggle this year to deal with $890 million of debt from its UK parent company.

Fitness First Australia is a division of the global company Fitness First Group, which has been hit by weak consumer spending and the rise of budget gyms in the UK and Australia.

The group has also been subject to sharp criticisms by members for its inflexible contracts and the difficulty of cancelling memberships.

Pete Manuel, Fitness First Australia's managing director said the company was hopeful the sale of clubs across the country would give it "significant financial firepower".

"With a change in ownership of our company comes the opportunity for a full review of the portfolio of Fitness First clubs in Australia," Mr Manuel said.

"We have identified 24 clubs that do not fit our vision for the brand and these clubs are being put on the market for sale. All operators review their portfolios from time to time and this is overdue for Fitness First here in Australia."

The company said a condition of sale will be that all member and staff rights were preserved.

Fitness First Australia has engaged 333 Capital to help find buyers for the 24 clubs which may be sold altogether or individually. A condition of sale will be that all member and staff rights are preserved.

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Fitness First slims down as business struggles

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Home » Fitness » Fitness First slims down as business struggles