Entrepreneur Duncan Bannatyne - star of BBC's Dragons' Den - yesterday unveiled his biggest deal to date.
Mr Bannatyne saw the value of his health and fitness chain climb past the £200 million mark with the near £90 million acquisition of 24 LivingWell 'Premier' health clubs from Hilton International.
The deal takes in a number of outlets in the West Midlands, including two in Birmingham - at Brindleyplace and Queensway - Solihull, Sutton Coldfield, Tamworth and Burton on Trent, to push the number of health clubs in the Bannatyne Fitness chain to 61.
Bannatyne Fitness already has a strong presence in Scotland, the Northeast and parts of the South. The deal gives it a significant presence in the Midlands and London.
Mr Bannatyne said: "This deal demonstrates the confidence and optimism we have in the UK health club sector.
"There is a strong desire for good facilities, in the right place and at the right price.
"Bannatyne Fitness has seen year-on-year growth for ten years. Its membership is strong and it has demonstrated healthy profits.
"I am pleased to be able to offer the Bannatyne Fitness health club experience to more members throughout the UK.
"My name is above the door and I take customer service very seriously. All our members can write to me directly with their comments and as a result our business stays ahead of the competition."
Nigel Armstrong, managing director of Bannatyne Fitness, who conducted the negotiations for the firm, added: "Long before this deal was possible Living-Well clubs were regarded as an ideal fit for our business.
"Their locations allow the new chain to reach every major centre of population on the mainland; a map that makes the new firm a leading player in the market.
"In terms of the service offered all of the clubs are of an exceptionally high standard with the full range of fitness facilities, including swimming pools. Also, the addition of high quality spa facilities in the LivingWell clubs will result in excellent cross usage opportunities for existing members.
"We are delighted with the strong and positive support from our bank Anglo Irish Bank, which has recognised the strength and quality of the business.
"The LivingWell deal will inject new life into the health and fitness sector, reviving it for the benefit of both customers and investors.
"Our vision is to enable our members to improve their lifestyle by providing services, including the latest training equipment, varied exercise classes, nutritional advice, relaxing spa services and personal training advice."
He continued: "The staff at LivingWell will find a welcoming home at Bannatyne Fitness.
"We are an organisation that rewards hard work."
