Private equity group Cinven is negotiating to buy Fitness First, the ailing health club operator.
The Financial Times reports that Cinven would pay up to £230mfor the operator and will also take on £140m of debt, valuing the dealat about £370m.
Fitness First put itself up for sale in November after its aggressive plans for expansion were hit by increased competition. Other leisure groups, including Esporta and Cannons, have also suffered.
References: Financial Times 30/12/02 page 19, The Times 30/12/02 page 2 (Need to Know – Business section), page4, The Independent 30/12/02 page 14
