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Fitness First slims down to trim debt

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Administrator. Graeme
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STRUGGLING health club chain Fitness First has been forced to sell a quarter of its Australian gyms as part of a restructure to wipe $890 million of debt from its British parent company.
Fitness First Australia is a division of the global company Fitness First Group, which is undergoing a debt-for-equity swap with lenders Oaktree and Marathon.
The lenders have agreed to write off all the company's debt for an equity stake.
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The company, which will also shed clubs in Britain, has been hit by weak consumer spending and the rise of budget gyms. It is believed the Australian arm brings in more than 50 per cent of profits, despite accounting for only 25 per cent of clubs.
In an announcement yesterday, the company said it was selling 24 of its 97 clubs across the country that were underperforming to help improve its balance sheet.


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The rise of small gyms eh? Very interesting...

I wonder how much of a part bb/fitness forums have played a part in them losing market share. I'm not familiar with how many forums are out there that are related to weight training, but my guess is not many of them would be strongly preaching the Fitness First gospel.

The power of the internet forum baby...booyah!!
 
I've never been a fan of fitness first and won't b sorry to see them go with their inflated prices!
 
FF is great if you avoid peak time
Pretty convenient when you can go to a gym wherever you are..
Whats $20 a week?
 
I'm lucky mine isn't closing but apparently they are doing up the gyms they are keeping? I hope it doesn't interfere with training!
 
Hmmm wonder where one would snap up some of the stuff they will get rid of?
The one at Holden Hill, closest to my place is closing, was a different gym before they took it over, doesn't bother me, never set foot anywhere near one.
 
Apparently Fit n Fast is eying them off.

When I went to FF they wanted over a grand a year even with my healthcare and employment discounts. I told them to GGF'd what a scam.
 
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