£115m bank loan shows Fitness First finances are on firmer ground
by Jak Phillips | 30 May 2014
Fitness First chief executive Andy Cosslett is leading the group through a £270m global brand makeover
Fitness First has raised a new £115m debt facility that will be used to pay off an existing loan from shareholders and underpin the group’s development plans.
The finance comes from four banks – HSBC, Barclays, UBS and IKB – and marks the first time the group has successfully secured an external loan since its Company Voluntary Arrangement (CVA) in 2012.
The package comprises a £100m term loan (with a provision to increase up to £120m) and a £15m revolving credit facility. The transaction marks a milestone in the restoration of the company’s financial position and comes at a time when the group is undergoing a £270m global makeover, implementing a widespread training overhaul and planning major expansions in Asia.
“The signing of this bank facility at very competitive rates is further evidence of our continuing financial improvement and the growing confidence of external lenders in our overall strategy to reposition the Fitness First brand and offer,” said chief financial officer John Wartig.
“This new facility represents an ongoing low level of leverage but will materially reduce our cost of financing and release incremental funds for reinvestment behind the acceleration of our refurbishment program and rebrand initiatives.”
23 May 2014
Fitness First questions lack of supervision in budget gyms amid £10m training scheme launch
29 Apr 2014
Fitness First outlines ambitious Asian expansion plan
20 Jan 2014
Fitness First to invest £270m in brand makeover
Fitness First has raised a new £115m debt facility that will be used to pay off an existing loan from shareholders and underpin the group’s development plans. The finance comes from four banks – HSBC, Barclays, UBS and IKB – and marks the first time the group has successfully secured an external loan since its Company Voluntary Arrangement (CVA) in 2012. The package comprises a £100m term loan (with a
HAF,FIT,IND
More news
BIG unveils Eve Music Hall as Croatia venue nears completion
by Liz Terry | 04 Jun 2026
Bjarke Ingels Group (BIG) has unveiled its design for Eve Music Hall in Čepin, eastern Croatia, as construction progresses towards completion ahead of the opening, which is scheduled for March 2027. The 10,000sq m venue is being developed as a new cultural, entertainment and events destination for the Slavonia region and is BIG's first completed project in Croatia, as well as its first completed music performance venue. Designed to accommodate
Bob Rogers hands BRC to long-serving leadership team
by Liz Terry | 04 Jun 2026
Experience design company, BRC Imagination Arts, has completed a transition that sees founder Bob Rogers pass ownership of the business to four long-serving senior executives, while remaining actively involved with the company. Ownership has transferred to president Carmel Lewis, chief creative officer Christian Lachel and vice presidents of story and creative, Brad Shelton and Matthew Solari. The move formalises a leadership structure that the company says has been operating in
Wellness care hospital opens in Vilnius with innovative spa and hospitality concept
by Helen Andrews | 03 Jun 2026
Lithuanian care operator Addere Care has launched a “wellness care hospital” in Vilnius. It's the company’s second Lithuanian site, following a hospital in Trakai, but the first to offer professional medical care in a spa resort environment. The new 4,400sq m facility has been developed within a reconstructed former hotel. It features 160 rooms and a day care centre that can accommodate up to 12 patients at a time. The
Universal and Puy du Fou projects point to rise of Oxford–Cambridge corridor
by Liz Terry | 27 May 2026
A proposed Puy du Fou development near Bicester and Universal Destinations and Experiences’ planned resort in Bedford are emerging as part of a wider transformation of the Oxford–Cambridge Growth Corridor into a major centre for UK leisure and tourism investment.
For years, the corridor has been associated primarily with science, technology, housing and university-led economic growth. However, the clustering of large-scale visitor attraction projects along the
All-inclusive eco-wellness development Auko to open near Vietnam’s Son Doong caves
by Helen Andrews | 28 May 2026
Auko, an all-inclusive development, is opening in Phong Nha in Vietnam in Q3 2026, with a series of 30 tented eco-lodges and wellness hospitality operations by Lumina Wellbeing. Van Phu Real Estate Development JSC owns the property, which is set along the Son River in the UNESCO-listed landscape of Phong Nha–Ke Bang National Park. The site borders the world’s largest cave system by volume (38.5 million cubic metres), the Son
Shedd Aquarium upgrades its visitor experience with new Immersion Theater
by Liz Terry | 22 May 2026
Shedd Aquarium has opened the Immersion Theater developed in partnership with SimEx-Iwerks, as part of a wider strategy to enhance the guest experience and create additional revenue opportunities.
The attraction has transformed the aquarium’s Phelps Auditorium into a multi-sensory venue combining panoramic projection, environmental effects and interactive technology.
A new pre-show area allows visitors to engage with augmented reality marine animals before entering the
Mandarin Oriental announces standalone Mansions-branded residences for Abu Dhabi
by Helen Andrews | 05 Jun 2026
Mandarin Oriental has announced a standalone residence brand, Mansions, which will debut at Emirates Palace, Mandarin Oriental Mansions, Abu Dhabi, in 2029. The creation of a new residence brand marks the expansion of the group’s global portfolio of residence offerings, which until now have fallen under the Mandarin Oriental Residences brand. Laurent Kleitman, group chief executive of Mandarin Oriental, said: “Abu Dhabi continues to distinguish itself internationally through the depth
MCR is planning a luxury hotel for London's BT Tower
by Helen Andrews | 21 May 2026
Hotel owner-operator MCR Hotels is inviting the public to provide feedback on development plans for London’s iconic BT Tower as a luxury hotel and mixed use project. Public access to the tower – for the first time in 50 years – will also be part of the scheme. In February 2024, British telecommunications company BT Group sold the BT Tower for £275 million (US$347 million, €321.3 million) to MCR Hotels.
Joy as a radical act: Yinka Ilori launches solo exhibition celebrating the rebellious power of spreading happiness
by Magali Robathan | 21 May 2026
As designer Yinka Ilori prepares for his first solo gallery show in London, he speaks exclusively to CLADmag about his mission to spread joy, the power of play, and his bold approach to using colour (including the colours you won’t see in his work). Running at London’s Cristea Roberts Gallery from 5 June to 11 July 2026, Yinka Ilori: Joy Through Resistance, He Who Laughs Last, Laughs Best, spans new
Work gets underway on Madrid's €800 million leisure complex
by Kath Hudson | 01 Jun 2026
Work is underway in Madrid on one of Europe’s most significant multi-functional complexes, combining sport, entertainment, culture and education.
The €800 million initiative to regenerate the former Olympic Aquatic Centre in the north-east of the city, next to the Riyadh Air Metropolitano stadium, is being led by Barsento – a joint venture between Live Nation Entertainment, Oak View Group and Atlético de Madrid. The project will
Therme Manchester reveals 90:90 strategy – 90 per cent of the UK population within a 90-minute drive of a Therme
by Helen Andrews | 28 May 2026
Therme Manchester’s 28-acre development, which will include interconnected glass pavilions that measure 65,000sq m, will be the largest bathing and wellbeing attraction in the world once complete, according to prof David Russell, CEO of Therme UK. The site will also have 60,000sq m of surrounding external space that will be developed as community gardens. Even compared to future sites in the Therme Group pipeline all over the world, the Manchester
Four Seasons’ Naples Beach Club opens 2,800sq m Sanctuary spa inspired by indigenous Calusa people
by Helen Andrews | 28 May 2026
Naples Beach Club, a Four Seasons Resort, has opened a 2,800sq m spa called The Sanctuary, with the design and concept inspired by the Native American people that populated Florida’s Southwest coast – the Calusa. The spa, which is set across three levels, was created by Champalimaud Design and uses a layered palette of natural materials, soft textures and luminous light to echo Naples’ shoreline. The reception features a hand-painted
Orient Express Corinthian to host Ocean Rebirth wellness retreat in collaboration with Guerlain
by Helen Andrews | 22 May 2026
Orient Express Sailing Yachts and beauty house Guerlain have announced that the newly launched luxury yacht, Orient Express Corinthian, will host a fourteen-day wellness retreat called Ocean Rebirth. Orient Express is part of Accor Group’s collection of luxury brands. In 2024, luxury goods conglomerate LVMH entered into a strategic partnership to grow the Orient Express brand. Accor and cruise liner developer Chantiers de l’Atlantique have since created sailing yachts Orient
Famed London nightclub, Tramp, launches Tramp Health
by Liz Terry | 19 May 2026
Luxury members’ club Tramp has expanded into the fitness, health and wellness sector with the launch of Tramp Health, a 16,000sq ft high-end fitness and longevity club in London’s Mayfair. The new concept was created by Luca Maggiora, the entrepreneur who bought Tramp at the end of 2023 and represents a £10m investment. The new fitness, health and wellness club is being promoted by the company as the antithesis of the
First look: Miraval opens on the Red Sea in Saudi Arabia
by Helen Andrews | 15 May 2026
Miraval The Red Sea has opened on Shura Island in Saudi Arabia as part of The Red Sea Project. The development is the first Miraval-branded property outside the US. This site is the fourth Miraval resort in the world – following US-based properties in Arizona, Texas and Massachusetts. Hyatt bought Miraval from previous owners Steve Case and investor KSL in 2017 and has also started putting its Life in Balance
Hainan Science Museum by Ma Yansong, opens in China
by Liz Terry | 13 May 2026
A new science museum has opened to the public in Haikou after attracting more than 350,000 visitors during a four-month soft opening period.
Designed by Ma Yansong and his practice MAD Architects, the Hainan Science Museum is located on the edge of Wuyuan River National Wetland Park and has already recorded peak attendance of more than 5,800 visitors in a single day.
Commissioned by
Zannier Île De Bendor launches with design by Hardel Le Bihan Architectes
by Helen Andrews | 06 May 2026
Zannier Île De Bendor, a new island retreat, has been unveiled off the south coast of Bandol in Provence, France, with a wellness concept called Rēsonance. The 93-key destination has reopened after a five-year transformation, set across three areas. Luxury hospitality operator Zannier Hotels has worked with the family-owned holding and operating company Société Paul Ricard to modernise and restore the property. The destination was bought by French entrepreneur Paul
Sæl Spa readies for launch in London: “a modern British sanctuary”
by Kath Hudson | 04 May 2026
A wellness club opens on London’s River Thames in June, offering luxury facilities and personalised wellness protocols focused on recovery and longevity. Sæl Spa at Fulham Pier – London’s new lifestyle destination on the River Thames – will be set across four floors and has been conceived as a “modern British sanctuary.” Facilities include a 15-metre heated rooftop infinity pool and sun terrace and a movement studio with integrated infrared
Immersive art bathhouse Submersive announces debut location in Austin
by Helen Andrews | 30 Apr 2026
Submersive, an immersive art bathhouse concept by Corvas Brinkerhoff, co-founder of experiential art company Meow Wolf, will open in the Bouldin Creek neighbourhood in Austin, Texas, US. The bathhouse, which will open in Q3 of 2027, will combine ancient hydrotherapy traditions with art installations, with the help of international artists. The space will use the latest technology and neuroscience-informed sensory design to create transformative experiences. The flagship 20,000sq ft indoor-outdoor
Construction begins on regenerative wellness destination The Shenandoah Nature Resort
by Helen Andrews | 02 May 2026
Construction has begun on a new wellness destination in the Shenandoah Valley of Virginia, US, called The Shenandoah Nature Resort, which is due to open in January 2028. The US$200 million (€184 million, £156 million) property has been designed to reimagine the traditional spa experience by blending ancient and modern wisdom in what is described as a “spiritually expansive and scientifically grounded approach”. The resort has been created to address
Royal Caribbean reveals record-breaking cruise ship
by Magali Robathan | 21 Apr 2026
Royal Caribbean has revealed its Hero of the Seas cruise ship, home to the most pools at sea (nine), and a record-breaking 28 dining venues, as well as attractions including a waterpark with two new family raft slides. Other attractions include the Crown's Edge skywalk/zip line experience, the FlowRider surf simulator, the Adrenaline Peak rock-climbing wall, and the Lost Dunes mini-golf course. Arriving in Miami in August 2027, Hero of
V&A East opens in London
by Magali Robathan | 18 Apr 2026
The much-anticipated V&A East Museum has opened in Stratford, east London, UK. Designed by architects O’Donnell + Tuomey, the new branch of the Victoria & Albert Museum (V&A) is a cornerstone of the East Bank cultural complex in the Queen Elizabeth Olympic Park Intended as a legacy for the 2012 London Olympics, the project was inspired by the cultural boom in South Kensington after the 1851 Great Exhibition and London's
David Geffen galleries open at LACMA
by Magali Robathan | 21 Apr 2026
The Peter Zumthor-designed David Geffen Galleries have opened at the Los Angeles County Museum of Art (LACMA) in Los Angeles, US. Spanning LA's Wilshire Boulevard, the elevated exhibition space houses LACMA's permanent collection, allowing the museum to present art from all cultures and eras on a single level without hierarchies or prescribed visitor pathways. “This building is not just about the flow of people. It's actually about the flow of
New venue The Lands by Capella includes a longevity centre to complement sister hotel Capella Sydney
by Helen Andrews | 20 Apr 2026
The heritage-listed Department of Lands building in Sydney, Australia, has relaunched as a major cultural and events destination, as part of a mixed-use redevelopment of two iconic buildings known collectively as the Sandstone Precinct. Singapore-based Pontiac Land Group owns the property, as well as the building next door that was the former Department of Education building. The two-phase restoration project has seen Pontiac turn the Department of Education building into
World of Frozen launches at Disneyland Paris
by Magali Robathan | 16 Apr 2026
World of Frozen has opened at Disney Adventure World in Disneyland Paris with new offerings across the entire park. The expansion almost doubles the size of Disneyland Paris, immersing guests in a life-size recreation of the Kingdom of Arendel. The World of Frozen features a Tangled -inspired attraction, 14 new dining locations and a large lake debuting a new night-time spectacular. It also features a daytime celebration, themed shopping, and
Pical Resort by Valamar reveals first Croatian spa under the ESPA brand
by Helen Andrews | 14 Apr 2026
The €200m (US$221.3 million, £169.7 million) Pical Resort, Valamar Collection has opened in Croatia with the country’s first ESPA spa. Valamar Riviera, a Croatian tourism company and hotel operator has revealed the 514-key property in Poreč, Istria. The development of the Pical Resort represents Valamar’s largest investment to date. The accommodation is split into the following options: the Pical Hotel, the luxury all-inclusive Pical Family Hotel, the exclusive Pical Suites
Mandarin Oriental creates end-to-end Egyptian journey with two new hotels and first-ever luxury river cruise
by Helen Andrews | 13 Apr 2026
The Mandarin Oriental Hotel Group has revealed plans to expand its presence in Egypt with the renovation and operation of two historic hotel properties and the brand’s first-ever luxury river cruise. In 2022, Mandarin Oriental announced it would open its first Egyptian property, Mandarin Oriental Shepheard in Cairo. The hotel is undergoing a comprehensive renovation and is due to open in 2027. Ownership and development The river cruise, Old Cataract
Designers Mendil + Meyer launch new division called Lām Concepts for strategic wellness projects
by Helen Andrews | 27 Mar 2026
Holistic design and architecture practice Mendil + Meyer, based in Arizona in the US, has introduced a new division called Lām Concepts to integrate and align wellness goals for projects before they reach the design stage. Ben Meyer, architect and co-founder of Mendil + Meyer, told Spa Business exclusively about the new division: “Lām comes from the word loam, meaning fertile ground – the place where conditions are right for
Wilderness Bisate in Rwanda reveals brand’s second Sanctuary spa
by Helen Andrews | 05 Mar 2026
Wilderness, an operator of 60 safari camps across eight African countries, has unveiled the second spa under its new concept called The Sanctuary, at Wilderness Bisate in Rwanda. The Sanctuary is a concept that pairs design and wellness with raw, restorative landscapes. The offering at the Rwandan property follows the opening of a different interpretation of The Sanctuary’s concept at Wilderness Mombo in Botswana. Read more about that property here.
4a Architekten shares details of wellness extension at Salinarium Bad Dürkheim Thermal Spa
by Helen Andrews | 04 Mar 2026
Design firm 4a Architekten has shared details of the recently-completed extension to the wellness facilities at destination spa park Salinarium Bad Dürkheim Thermal Spa in Germany. The upgrades to the leisure pool facility, which has been in operation since 1984, included the addition of a thermal spa and sauna in a new building that integrated sensitively into the landscape. Commissioned by the facility’s operator, utility company Stadtwerke Bad Dürkheim, the
company profile
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
"Culture is the beating heart of this project"
Designed to restore neglected land and renew the identity of Iraq’s capital city, Baghdad Sustainable Forests promises a new way of living surrounded by nature. Gensler’s Ian Mulcahay tells us why he thinks the project could become a model for the repair and enhancement of urban centres
Designed to restore neglected land and renew the identity of Iraq’s capital city, Baghdad Sustainable Forests promises a new way of living surrounded by nature. Gensler’s Ian Mulcahay tells us why he thinks the project could become a model for the repair and enhancement of urban centres
cladkit product news
Studiotamat has teamed up with Ariana de Luca to create the Balera range
The new Balera Collection sees design studio Studiotamat team up with ceramic artist Arianna De Luca and lighting designer Ninefifty ...
The system uses heat-treated lime wood cladding, available in either a dark or light tone
Sauna specialist Effe (formerly Effegibi) has introduced its new sauna and hammam collection, Baluar, designed by architect and designer Patricia ...
cladkit product news
Lucas Zito’s practice specialises in the design of lights through 3D printing
A collection of lighting from Paris-based designer Lucas Zito aims to reframe the idea of 3D printed objects as cheap ...
LivinGlobe can install ultra short throw projections or premium LED panels, as well as the surround sound system and video server
Founded more than 10 years ago, LivinGlobe was one of the first companies in the immersive wellness space with its ...
cladkit product news
Wake is crafted from hand-spun ceramic and pressed glass, behind which a gentle light emanates to improve sleep routines and wellbeing
Design firm Heatherwick Studio and British lighting brand Tala have teamed up to create a sleep light called Wake. The ...
Porada's new Enook Brillo coffee table
Maurizio Marconato and Terry Zappa have created the Enook Brillo coffee table for Italian design studio Porada – a retro-inspired design ...
