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Core Health & Fitness
Core Health & Fitness
Core Health & Fitness
Health Club Management

Health Club Management

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UNITING THE WORLD OF FITNESS
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Health Club Management

Health Club Management

News

Fitness First creditors approve Company Voluntary Arrangement

Image: The group's CVA proposal has been approved

Fitness First is to restructure existing lease agreements on a number of its UK fitness clubs after creditors approved the group's Company Voluntary Arrangement (CVA) proposal.

Richard Fleming, UK head of restructuring at KPMG, is a supervisor of the CVA and said the proposal had received the backing of the required number of creditors.

In addition to addressing Fitness First's operational issues relating to its property portfolio, the CVA allows for a wider restructuring and injection of fresh capital to take place.

Fitness First announced earlier this month it would be selling 67 UK clubs and keeping 80, with all retained facilities to continue trading under the terms of the CVA.

At the same time, KPMG revealed the main components of the proposal would see rents of 57 facilities being kept at the same level and paid monthly for three years, not quarterly.

Five further clubs being retained at a reduced equivalent monthly rate of 65 per cent over the three-year period before returning to market-based rent, while 18 leases remain unaffected.

KPMG restructuring partner Brian Green said: "As we have sought to develop company voluntary arrangement models, we have worked with creditors to find workable compromise agreements.

"In the case of Fitness First, our conversations with landlords were particularly supportive of the continued payment of rates and the availability of a clawback mechanism to ensure they share in the business' fortunes going forward."

Details: www.fitnessfirst.co.uk (Fitness First CVA details)

Details: www.kpmg.com

Fitness First is to restructure existing lease agreements on a number of its UK fitness clubs after creditors approved the group's Company Voluntary Arrangement (CVA) proposal.
HAF
326491_948189.gif
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News

Fitness First creditors approve Company Voluntary Arrangement

Image: The group's CVA proposal has been approved

Fitness First is to restructure existing lease agreements on a number of its UK fitness clubs after creditors approved the group's Company Voluntary Arrangement (CVA) proposal.

Richard Fleming, UK head of restructuring at KPMG, is a supervisor of the CVA and said the proposal had received the backing of the required number of creditors.

In addition to addressing Fitness First's operational issues relating to its property portfolio, the CVA allows for a wider restructuring and injection of fresh capital to take place.

Fitness First announced earlier this month it would be selling 67 UK clubs and keeping 80, with all retained facilities to continue trading under the terms of the CVA.

At the same time, KPMG revealed the main components of the proposal would see rents of 57 facilities being kept at the same level and paid monthly for three years, not quarterly.

Five further clubs being retained at a reduced equivalent monthly rate of 65 per cent over the three-year period before returning to market-based rent, while 18 leases remain unaffected.

KPMG restructuring partner Brian Green said: "As we have sought to develop company voluntary arrangement models, we have worked with creditors to find workable compromise agreements.

"In the case of Fitness First, our conversations with landlords were particularly supportive of the continued payment of rates and the availability of a clawback mechanism to ensure they share in the business' fortunes going forward."

Details: www.fitnessfirst.co.uk (Fitness First CVA details)

Details: www.kpmg.com

Fitness First is to restructure existing lease agreements on a number of its UK fitness clubs after creditors approved the group's Company Voluntary Arrangement (CVA) proposal.
HAF
326491_948189.gif

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Deansgate Square, the newest residential star on Manchester’s impressive skyline, is a fitting home for some of the city’s most stylish health and fitness facilities, with specialist acoustic flooring by TVS Group
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Company profile: FunXtion International BV
Unlock your club’s digital potential with the FunXtion Platform. Deliver engaging and immersive digital fitness ...
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Catalogue Gallery
Click on a catalogue to view it online
Directory
Gym flooring
REGUPOL/Berleburger Schaumstoffwerk (BSW): Gym flooring
Trade associations
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Uniforms
Service Sport: Uniforms
Software
Volution.fit: Software
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fibodo Limited: Management software
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11 - 25 Union St, London SE1 1SD
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Diary dates
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Diary dates
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Core Health & Fitness
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