Fitness First eyes float

London-based private equity firm BC Partners has appointed three banks to manage its £1bn float of gym chain Fitness First. Credit Suisse, JP Morgan and Asian-based bank CLSA will oversee the planned flotation on the Singapore stock market in a move that will be a blow to the London Stock Exchange.

The appointment of the three banks comes as BC Partners attempts to finalise its own efforts to raise €6bn (£5bn) for a new spending fund.

The flotation is due to launch in the third quarter of this year and will leave the private equity firm with more than 60 per cent of the listed group.