A London court has delayed approving Fitness First’s restructuring plans in the face of opposition from landlords.
The UK gym operator, run by the family of sportswear tycoon Dave Whelan, is trying to secure a corporate restructure that would see some gyms close and others pay their landlords lower rents.
High Court judge Michael Green was scheduled to consider the restructure at a hearing today. The plans are being opposed by a group of landlords who want more time to consider, and potentially renegotiate, the deal.
At the start of today’s hearing the judge said he had reviewed the written arguments and concluded that, due the number of parties involved and the length of the arguments they want to make, a short delay was “almost inevitable”.
He ruled that the hearing should be adjourned for two weeks, until June 26.
He said the hearing will take two days, and he will give judgement “urgently” afterwards. “Under the circumstances, this is the most sensible and practical outcome,” he said.
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