Fareham gym to be sold

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GYM chain LA Fitness is to press ahead with a restructuring plan that will see it sell 33 clubs, including one in Fareham, in a bid to reduce its debts by £250m.

A vote of creditors, including landlords, supported revised lease terms at a number of clubs under a Company Voluntary Arrangement (CVA).

The Fareham club will now go up for sale.

It means the firm can refocus on a smaller portfolio of 47 clubs and secure new lending facilities worth £40m.

Without creditor support for the CVA, business advisory firm Deloitte warned the company faced the threat of administration.

A marketing exercise has now been started.