The race is on for interested buyers to bid for the David Lloyd leisure centre chain, as its private equity owner has set a £1.3bn auction in motion.
According to the Sunday Times, TDR Capital has enlisted investment bank NM Rothschild to find buyers for the business, which has reportedly attracted interest from suitors throughout the year.
Read more: Gym group David Lloyd is for sale
David Lloyd was in flabby financial shape when TDR acquired it in 2013, as earnings (before interest, tax, depreciation, amortisation and restructuring or rent costs) had fallen to £61.2m from £80m the year prior.
This has since increased to £130.6m as TDR has embarked on an improvement and investment plan, upgrading the equipment and trying to gear the facilities towards families.
Earlier this year David Lloyd expanded its presence by buying 16 Virgin Active health clubs, which brought its total to 111 locations.