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LA Fitness to sell 33 clubs

Gym chain LA Fitness has plans to walk away from 33 of its 80 clubs as part of a restructuring that it hopes will cut its debt pile by £250 million.

The sale process depends on landlords agreeing revised lease terms at a number of clubs under a Company Voluntary Arrangement (CVA).

Deloitte, which is supervising the process, warned the business faced potential administration without the backing of the CVA at a meeting on March 24.

Doncaster-based LA Fitness has secured lending facilities worth £40m, dependent on the outcome of the CVA process.

Among the clubs up for sale are the Argyle Street site in Glasgow and one at Milngavie.

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