Fitness First is to invest $140 million (£83 million) in South-east Asia as it reinforces its position as the biggest gym chain in the region.
It is spending $100 million opening 50 clubs in Asia, which will expand its footprint by around 60%, and will spend another $42 million upgrading its existing clubs.
Fitness, owned by private-equity firms Oaktree and Marathon, announced a 10% rise in Asian revenues for last year to $212 million with operating profits up 15% to $32 million. Membership rose 4%, or 8300, to 216,800.
The firm said the case for expansion in the Far East was compelling with on average 5% of the region’s population members of gyms, against an average of 30% in the US and 15% in Europe.
Andy Cosslett, chief executive said: “These bold plans demonstrate how committed Fitness First is to expanding our leadership position in the fast-growing Asian fitness market.”
