Stunning news developing today that several members of the Fitness First senior management team are being replaced amid growing concerns around the growth prospects for the company.
The Telegraph is reporting that Colin Waggett, Chief Executive, Finance Director Duncan Tatton-Brown, and UK Managing Director John Gamble are among the departures.
BC Partners acquired the business back in 2005 for £835 million (€1.2 billion) and had ambitious plans for the business. This is what Stefano Quadrio Curzio, Managing Partner in BC Partners’ London Office had to say at the time of the acquisition:
“We are delighted to have completed this acquisition. With Fitness First, we have the opportunity to build on the international expansion and roll-out programme with a proven and successful business model. The fitness industry will continue to grow and we are very much looking forward to backing Fitness First and its management team in playing a significant part in the future growth of this market. The management team at Fitness First, all true entrepreneurs, give us a lot of comfort that we can develop this company into an even better business than it is today.”
How things have changed. Its entire business, built on a ‘value-for-money’ proposition has been slowly undermined by the emergence of the low-cost gym sector, along with a raft of digital and ‘off-line‘ fitness substitutes. John Gamble was leading the company’s recently launched low-cost business, Click Fitness, so it is currently unclear who will now be driving this project.
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Twitter mentions:
Following the recent publication of my 2011 Global Low-cost Gym Sector Report, Hasse Hoftvedt, CEO of fitness.xpress gyms in Norway contacted me to update me on the expansion of his budget gym business. What follows is a short interview.
How did a guy with a degree in Petroleum Engineering from the ...
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I am presently scoping out a new report that investigates the European health club franchising industry. The key report sections are:
1 Strategic analysis of the franchising business model.
2 Interviews with out of industry franchising experts.
3 Interviews with health club franchise CEO's.
4 Detailed club franchise case study.
5 Consumer research.
6 Index of ...
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The Holmes Place clubs in Salzburg and Linz, Austria have been declared insolvent in the Salzburg Regional Court. The total corporate debts are believed to be in excess of €53 million Euros making it one of the state's largest business failures during 2011.
It seems as though the clubs have been ...
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News broke last week that a strategic review is underway at David Lloyd Leisure. A 'strategic review' normally denotes that a significant event is underway.
David Lloyd Leisure
The business operates 89 health and racquets clubs across the UK and Europe and was acquired for £940 million (€1.1 billion Euros) in ...
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Recently, I visited Richard Davis, Director of VirtualGym TV to find out more about the business. Afterwards, I fired off some questions to Richard and below you can read his replies:
What does VirtualGym TV stand for?
VirtualGym TV 'literally' stands for a virtual gym that you can watch on your TV, ...
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The International Health, Racquet & Sportsclub Association (IHRSA) has just published an article I wrote for their Club Business International (CBI) magazine. The article is titled 'The price of competition' and can be read here:
Thanks to everyone for making time to come along to today’s low-cost gym presentation. It was good to catch up with Sheridan Easton who moved from the UK health and fitness industry into the University sector. Sheridan is now a Senior Lecturer in the Faculty of Business, Sport and Enterprise.
Presentation ...
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Swansea-based Bay Leisure Ltd, the independent, not-for-profit trust which operates Wales' most visited leisure attraction the LC in the centre of Swansea has launched 'Simply Gym'.
Memberships start from £16 per month.
During October 2011, I presented findings from my 2011 Global Low-cost Gym Sector Report at two events in London and Manchester. Below is a copy of my presentation. This is a very large file so needs to be viewed online.
You will find a copy of the full report in the ...
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