GET HCM
magazine
Sign up for the FREE digital edition of HCM magazine and also get the HCM ezine and breaking news email alerts.
Not right now, thanksclose this window
AskNicely
AskNicely
AskNicely
Health Club Management

Health Club Management

Follow Health Club Management on Twitter Like Health Club Management on Facebook Join the discussion with Health Club Management on LinkedIn Follow Health Club Management on Instagram
UNITING THE WORLD OF FITNESS
Get the latest news, jobs and features in your inbox
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
Latest News
Europe's largest gym chain, Basic-Fit, has published its trading update for the first nine months ...
Latest News
Boutique operator, The Refinery E9, has launched a personal trainer (PT) service with a twist, ...
Latest News
Gains made getting people more physically active over the last few years were all but ...
Latest News
Mid Ulster District Council (MUDC) in Northern Ireland has won a landmark VAT case, which ...
Latest News
The government has pledged to invest £100m in supporting public leisure centres this winter, as ...
Latest News
Gyms in Liverpool,UK, have been given the go-ahead to reopen, following a dramatic week of ...
Latest News
Be Military Fit (BMF) has completed a restructuring project, designed to transform the outdoor fitness ...
Latest News
Rod Hill, former president of TRIB3 and director general of Anytime Fitness Iberia, has signed ...
Features
feature
Active IQ optimised lockdown to create new opportunities for students and stakeholders
Features
Editor's letter
Our sector is still misunderstood by those in power. It’s time to accelerate the fight to change this by creating a new vocabulary to define what we do, why it matters and how we can contribute
Features
Supplier showcase
During the COVID-19 enforced lockdown, Club Kingswood, an independent 2,800-member multi-activity club in Essex, froze all its gym memberships with no charge, uncertain of what the effect would be on the future of its membership
Features
feature
The owner of Nisus Fitness in County Kerry, Joe O'Connor explains how MZ-Remote helped grow memberships during the pandemic and transform Nisus into a hybrid boutique
Features
feature
HIIT Without the Hurt. It’s one of the most memorable straplines in the fitness industry and it’s been at the core of every Speedflex session for almost ten years
Features
feature
We look at how you can unlock hidden value in your operation with a complete end-to-end leisure management solution
Features
COVID-19
Your worst nightmare happens – a member with COVID-19 attends three group exercise classes in a period of 18 hours. Sarah Shortt explains how one operator dealt with this crisis while staying open throughout and avoiding community transmission
Features
People
HCM people

Keith Burnet

CEO global markets, Les Mills
I wanted to do something to inspire others and encourage them to believe that no matter what age you are, anything is possible
People
Our facility isn’t for everyone. In daring to be different, we’re attracting people willing to commit to a fresh way of approaching health and fitness
People
Being physically active is the best way of withstanding this pandemic
Opinion
promotion
Our world has changed since March and together, we are learning and adapting to how this sector can continue to thrive in this COVID conscious world.
Opinion: Why fitness clubs and facilities need to evolve in a COVID-conscious world
Opinion
promotion
In a post-Covid world, member experience is more important than ever before. Your customers’ expectations have been heightened as the coronavirus continues to dominate our everyday lives.
Opinion: Why member experience is more important now than ever before
Featured supplier news
Featured supplier: Red Light Rising teams up with ITRM Clinic to supply red light therapy for injured athletes
Red light therapy equipment supplier, Red Light Rising, has partnered with Aidan Robinson of ITRM Clinic in the UK
Featured supplier news
Featured supplier: Frame launches new, streamlined digital offering, powered by Fisikal
When facing lockdown restrictions, Frame successfully adapted its in-club experience to an online offering for members.
Video Gallery
Freemotion CoachBike™
FreeMotion Fitness
Give your members the immersive cycling experience that keeps your members engaged – today and tomorrow. Read more
More videos:
Company profiles
Company profile: Physical Company Ltd
Physical Company provides specialist fitness solutions. This includes equipment, flooring, gym design, programming and training ...
Company profiles
Company profile: Core Health & Fitness
Core Health & Fitness is more than gym equipment, we offer innovative solutions for all ...
Supplier Showcases
Supplier showcase - Bouncing back
Catalogue Gallery
Click on a catalogue to view it online
Directory
Direct debit solutions
Harlands Group: Direct debit solutions
Software
Volution.fit: Software
Fitness equipment
TRX Training: Fitness equipment
Locking solutions
Monster Padlocks: Locking solutions
Skincare
Comfort Zone - Davines S.p.A: Skincare
Design consultants
Zynk Design Consultants: Design consultants
Trade associations
International SPA Association - iSPA: Trade associations
Spa software
SpaBooker: Spa software
Member feedback software
AskNicely: Member feedback software
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Property & Tenders
11 - 25 Union St, London SE1 1SD
Bankside Open Spaces Trust
Property & Tenders
Waltham Abbey, Essex
Lee Valley Regional Park Authority
Property & Tenders
Diary dates
03-06 Nov 2020
Online,
Diary dates
12 Nov 2020
Virtual, United States
Diary dates
17 Nov 2020
Loughborough University, Loughborough, United Kingdom
Diary dates
27-28 Nov 2020
Athena, Leicester, United Kingdom
Diary dates
03-03 Dec 2020
Virtual,
Diary dates
08-09 Dec 2020
Raffles City Convention Centre, Singapore, Singapore
Diary dates
02-04 Feb 2021
Ericsson Exhibition Hall, Ricoh Arena, Coventry, United Kingdom
Diary dates
23-26 Feb 2021
IFEMA, Madrid, Spain
Diary dates
03-04 Mar 2021
NEC, Birmingham, United Kingdom
Diary dates
03-06 Jun 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
16-17 Jun 2021
ExCeL London, London, United Kingdom
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates

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

News

Europe's largest gym chain, Basic-Fit, has published its trading update for the first nine months
Boutique operator, The Refinery E9, has launched a personal trainer (PT) service with a twist,
Gains made getting people more physically active over the last few years were all but
Mid Ulster District Council (MUDC) in Northern Ireland has won a landmark VAT case, which
The government has pledged to invest £100m in supporting public leisure centres this winter, as
Gyms in Liverpool,UK, have been given the go-ahead to reopen, following a dramatic week of
Hussle HQ
Hussle HQ
L&R Kältetechnik has launched a new division, named artofcryo.com, after 30 years’ experience with -110
Be Military Fit (BMF) has completed a restructuring project, designed to transform the outdoor fitness
Rod Hill, former president of TRIB3 and director general of Anytime Fitness Iberia, has signed
Persistent and rising levels of lifestyle disease across the world have exacerbated the effects of
Customer experience software provider, AskNicely, has announced it will host a new virtual event called
In breaking news, HCM understands the UK government has removed gyms and fitness facilities from
Globally, gyms have, on average, seen nearly 70 per cent of their pre-lockdown members return
MIE FitQuest
MIE FitQuest
When facing lockdown restrictions, Frame successfully adapted its in-club experience to an online offering for
A UK government U-turn – just announced – will see gyms and leisure centres staying open
"Dozens" of gyms in Liverpool, UK, have defied the government and stayed open for business
The UK government is likely to face legal challenges from gym operators following the revelation
TRP - The Retention People
TRP - The Retention People
1 - 15 of 11,650
Features
feature
Active IQ optimised lockdown to create new opportunities for students and stakeholders
Features
Editor's letter
Our sector is still misunderstood by those in power. It’s time to accelerate the fight to change this by creating a new vocabulary to define what we do, why it matters and how we can contribute
Features
Supplier showcase
During the COVID-19 enforced lockdown, Club Kingswood, an independent 2,800-member multi-activity club in Essex, froze all its gym memberships with no charge, uncertain of what the effect would be on the future of its membership
Features
feature
The owner of Nisus Fitness in County Kerry, Joe O'Connor explains how MZ-Remote helped grow memberships during the pandemic and transform Nisus into a hybrid boutique
Features
feature
HIIT Without the Hurt. It’s one of the most memorable straplines in the fitness industry and it’s been at the core of every Speedflex session for almost ten years
Features
feature
We look at how you can unlock hidden value in your operation with a complete end-to-end leisure management solution
Features
COVID-19
Your worst nightmare happens – a member with COVID-19 attends three group exercise classes in a period of 18 hours. Sarah Shortt explains how one operator dealt with this crisis while staying open throughout and avoiding community transmission
Features
People
HCM people

Keith Burnet

CEO global markets, Les Mills
I wanted to do something to inspire others and encourage them to believe that no matter what age you are, anything is possible
People
Our facility isn’t for everyone. In daring to be different, we’re attracting people willing to commit to a fresh way of approaching health and fitness
People
Being physically active is the best way of withstanding this pandemic
People
We realised we had a great franchise proposition: a really strong core model and technology platform, excellent data and analytics – we also generate 45 per cent site margins in the UK
People
HCM people

Dr Darshan Shah

Next Health: co-founder
Our vision is that health is not the absence of disease but the abundance of vitality
People
The reopening of the industry, encouraging confidence in consumers and maintaining business is a collective responsibility
People
Member confidence is the single most important factor, and I say – without doing so lightly – that our cleanliness standards, protocols and marketing are the best I’ve seen in the industry
People
People in Club V trust me and I want to do the best for them and help them progress
People
We’re getting high usage: typically 2,000 visits a day. We’ve already celebrated our millionth member visit
People
Opinion
promotion
Our world has changed since March and together, we are learning and adapting to how this sector can continue to thrive in this COVID conscious world.
Opinion: Why fitness clubs and facilities need to evolve in a COVID-conscious world
Opinion
promotion
In a post-Covid world, member experience is more important than ever before. Your customers’ expectations have been heightened as the coronavirus continues to dominate our everyday lives.
Opinion: Why member experience is more important now than ever before
Featured supplier news
Featured supplier: Red Light Rising teams up with ITRM Clinic to supply red light therapy for injured athletes
Red light therapy equipment supplier, Red Light Rising, has partnered with Aidan Robinson of ITRM Clinic in the UK
Featured supplier news
Featured supplier: Frame launches new, streamlined digital offering, powered by Fisikal
When facing lockdown restrictions, Frame successfully adapted its in-club experience to an online offering for members.
Video Gallery
Freemotion CoachBike™
FreeMotion Fitness
Give your members the immersive cycling experience that keeps your members engaged – today and tomorrow. Read more
More videos:
Company profiles
Company profile: Physical Company Ltd
Physical Company provides specialist fitness solutions. This includes equipment, flooring, gym design, programming and training ...
Company profiles
Company profile: Core Health & Fitness
Core Health & Fitness is more than gym equipment, we offer innovative solutions for all ...
Supplier Showcases
Supplier showcase - Bouncing back
Catalogue Gallery
Click on a catalogue to view it online
Directory
Direct debit solutions
Harlands Group: Direct debit solutions
Software
Volution.fit: Software
Fitness equipment
TRX Training: Fitness equipment
Locking solutions
Monster Padlocks: Locking solutions
Skincare
Comfort Zone - Davines S.p.A: Skincare
Design consultants
Zynk Design Consultants: Design consultants
Trade associations
International SPA Association - iSPA: Trade associations
Spa software
SpaBooker: Spa software
Member feedback software
AskNicely: Member feedback software
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Property & Tenders
11 - 25 Union St, London SE1 1SD
Bankside Open Spaces Trust
Property & Tenders
Waltham Abbey, Essex
Lee Valley Regional Park Authority
Property & Tenders
Diary dates
03-06 Nov 2020
Online,
Diary dates
12 Nov 2020
Virtual, United States
Diary dates
17 Nov 2020
Loughborough University, Loughborough, United Kingdom
Diary dates
27-28 Nov 2020
Athena, Leicester, United Kingdom
Diary dates
03-03 Dec 2020
Virtual,
Diary dates
08-09 Dec 2020
Raffles City Convention Centre, Singapore, Singapore
Diary dates
02-04 Feb 2021
Ericsson Exhibition Hall, Ricoh Arena, Coventry, United Kingdom
Diary dates
23-26 Feb 2021
IFEMA, Madrid, Spain
Diary dates
03-04 Mar 2021
NEC, Birmingham, United Kingdom
Diary dates
03-06 Jun 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
16-17 Jun 2021
ExCeL London, London, United Kingdom
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
Search news, features & products:
Find a supplier:
AskNicely
AskNicely