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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