Newcastle-based Lady in Leisure called in administrators on Monday after it had racked up debts of more than Pounds 4m. But PwC secured the sale of some clubs in the chain to leisure business Alundel two days later, saving 200 jobs in the process.
Alundel chief executive Martin Callan said: ‘The 16 clubs we have acquired are based in Scotland, the Midlands and the North of England. As soon as we create the right formula, we intend to expand the chain to cover the rest of the country. We will be the largest and most successful ladies only health club operator in the UK.’
Earlier this year Callan set up Alundel with finance director James Granger and the new acquisition will sit alongside the six leisure businesses it already owns.
PwC administrator Ian Green was delighted at the sale and at the speed at which it had taken place.
‘We are confident that Alundel’s management will take the business forward with confidence and the necessary expertise,’ said Green.
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