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11 May 2007
The £330m refinancing of health club Esporta faced collapse yesterday as its FD, Michael Ball, and chief executive Neil Gillis resigned from the company.
The Times reports that Societe Generale was seeking to syndicate the £330m funding package it had provided for Esporta, following the acquisition of the business by Buckingham Securities for £470m.
A City source was quoted as saying: 'It is safe to assume that any hope the bank had of syndicating the loan was killed stone dead by the resignation of management'.
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