énergie Fitness to recapitalise ahead of gym reopenings

26 May 2020 (Milton Keynes): The directors of énergie Fitness have brought in specialist

company FRP Advisory (FRP) to look at options for recapitalising.

One of the options being considered is the sale of the business and a management buyout team has already signalled its intention to bid.

This MBO team is led by founder and former chair, Jan Spaticchia and backed by RM Funds, the company’s existing secured lender.

RM Funds is a fully listed investment house.

énergie Fitness, which was founded in 2003, has 105 clubs, 143,000 members and 85 franchisees. Annual network turnover pre-COVID-19 was £33m.

The company was acquired in early August 2019 following an extensive process – led by Clearwater International – which resulted in multiple bids.

Spaticchia said: “I’m very confident in the business the team and I built over 15 years. It’s well-placed to do its part in getting the nation back to exercise as we come out of the lockdown.

“We’re confident that the robust franchisng network we’ve built will enable us to continue to grow a strong, sustainable business, both domestically and internationally.”

“It’s a sign of the strength of this vision that the bank is prepared to back us in delivering the next stage of the company’s growth.”

FRP Advisory is expected to announce the outcome of the sale process in early June.