So, after much speculation, contracts have been exchanged on the sale of the 69 UK, Irish and European clubs. Versailles Bidco Limited, a company owned by London & Regional Holdings Limited and Bank of Scotland Corporate agreed a cash sum of £925 million, equivalent to £13.4 million per club or 13.4 times historic EBITDA (based on EBITDA for the year to 1 March 2007 of £68.8 million).
It will be very interesting to see what changes now take place within the David Lloyd senior management team. My inquisitive mind wonders if Neil Gillis, former CEO of Esporta will make an appearance, or will Scott Lloyd be able to demonstrate that he is up to the challenge of operating Britain’s largest health and racquets business. More news to follow.