Bannatyne Fitness Limited, the national chain of health and fitness clubs, has secured a refinancing package of £35m through the Royal Bank of Scotland (RBS).
The funding is being used to refinance existing debt from Irish Bank Resolution Corporation (IBRC), alongside funding from a ground lease transaction with a large investment house to support this successful leisure brand’s future development.
Bannatyne Fitness Limited is part of the Bannatyne Group – the UK’s largest health club operator with 59 sites and 170,000 members across the UK, with a commitment to providing its members with the best possible facilities.
Duncan Bannatyne, chairman of the Bannatyne Group, said:“We’re delighted with the support that RBS has provided to enable us to continue to provide customers with fantastic products and services which enhance their lifestyle. The RBS teams’ understanding of our strategy and speed of response was excellent.”
Neil Parry, head of Consumer Industries RBS, said:“The re-finance package we’ve developed reflects our unrivalled ability to draw on our vast experience across the UK in the leisure space. We look forward to working closely with Bannatyne’s experienced management team. We are pleased to be able to support the growth of one of the UKs leading leisure operators.”