Fitness First to close branches

■ Fitness First, the debt-laden gym chain, could sell or close up to a third of its British sites after agreeing a deal with its largest lenders. The firm has signed a three month waiver with Oaktree and Marathon which spares it from having to pay its £18m quarterly interest bill immediately. The debt for equity swap, which could see owner BC Partners wiped out, is likely to lead to a restructuring of the domestic branches, around of third of which are believed to be unprofitable. Any that cannot be sold may then be closed.