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Esporta and Cannons up for sale?
Esporta and Cannons, two of the UK’s largest gym chains, are believed to be up for sale in deals that could potentially be worth a combined £850m.
Esporta’s owner Duke Street Capital has appointed Citigroup to advise on a £460m sale of the health and fitness chain, according to The Sunday Times.
The auction is understood to have been triggered by expressions of interest from private equity firms Apax and Blackstone.
Whitbread, owner of David Lloyd Leisure, is also thought to be among potential bidders for Esporta.
Meanwhile, property tycoons Ian and Richard Livingstone are reported to be in talks with Duke Street Capital about a multi-million pound asset swap.
Following their acquisition of Next Generation Clubs through their London & Regional property arm earlier this year, this could make them among the largest gym owners in the country.
The deal could see London & Regional buying Esporta’s properties, while Duke Street Capital would take over Next Generation’s operations.
Separately, the private equity arm of Royal Bank of Scotland (RBS), is believed to be looking at a sale of Cannons.
RBS backed a £260m management buy-out of the chain five years ago.
Photograph: Esporta's chief executive Neil Gillis