Health and Fitness group Next Generation Clubs has agreed to buy the Harbour Club in Chelsea, SW1, from Cannons for £16.1m.
The club, which was built in 1993 and has almost 7,000 members, recorded an operating profit of £2.4m last year. The acquisition follows Next Generation’s opening last month of Europe’s biggest racquets and fitness club in Hatfield, Hertfordshire. The club is more than 165,000 sq ft in size.
The company has also negotiated a new £104m credit facility with the Royal Bank of Scotland, Allied Irish Bank, Bank of Ireland and HBOS to accelerate its expansion programme.
Next Generation currently owns and operates 13 clubs in the UK and has a further five in the pipeline.
References: EGi News 06/01/05
