BusinessCompany NewsEsporta refinancing at risk as FD walks

Esporta refinancing at risk as FD walks

Gym operator's £330m refinancing on the brink as FD leaves

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’.

Further reading:

Visit Esporta

Read more about Societe
Generale

Find out about
Buckingham
Securities

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