Northern Ireland

LA Fitness in bid to sell Belfast Adelaide Street and Armagh branches

The gym chain LA Fitness is seeking to sell two of its Northern Ireland branches as part of a debt restructuring.

The firm will put the Belfast Adelaide Street and Armagh branches on the market if proposals are accepted by its creditors.

The chain is planning to sell 33 of its 80 clubs across the UK as it tries to secure its long-term future.

The plan also involves retaining the Belfast Shaws Bridge branch.

The move will have no immediate impact on staff or members.

LA Fitness is seeking to sell to other gym operators, which would mean the vast majority of staff would be retained.

The company said the move should "help to secure the long-term future of the group".

"The result will be a business with the financial strength and operational flexibility to continue investing in its retained portfolio of 47 clubs for the benefit of its members," an email sent to members said.

The company has proposed a restructuring process known as landlord company voluntary arrangements (CVAs).

Those CVAs will essentially involve landlords agreeing to reduce rents.

If those proposals are not accepted the business may be placed into administration.

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