FITNESS First is to inject £77.5m to revamp its clubs and fund its overseas expansion as the world’s largest gym chain gets back into shape following last year’s restructuring.
The group, which has around 375 clubs and franchises worldwide, announced plans today to spend £29m on opening 15 sites across Germany, India, and Asia.
It is also investing £44m on refurbishing clubs and £4m on training staff.
Andy Cosslett, the former boss of InterContinental Hotels Group, who took over as chief executive last year said: “In addition to our recent £26m investment to boost the quality of our UK clubs, we have our sights set on building on our strong position internationally.
The group underwent a financial restructuring last year, which handed Oaktree Capital a 55 per cent stake in the business.