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Gym chain Fitness First will sell a quarter of its Australian outlets as its debt-laden UK parent undergoes a major restructure of its global operations.

Fitness First Australia announced on Friday that it would sell 24 of its 97 clubs but said protection of member and staff rights would be a condition of the sales.

Company managing director Pete Manuel said the 24 clubs 'do not fit our vision for the brand'.

'All operators review their portfolios from time to time and this is overdue for Fitness First here in Australia,' he said.

Founded in the UK in 1993, Fitness First has more than 400 clubs worldwide - mostly in the UK, Australia and Germany - but has struggled in the face of low-cost competition and tight economic conditions in recent years.

In 2011, former BC Partners, the private equity owners of the international Fitness First business, scrapped plans to float the business on the Singapore stock exchange.

In 2010, the Australian operations reported a fall in membership of 16,000 people - a drop of nearly five per cent.

A number of franchises, low-cost, 24-hour gym businesses have opened in Australia in the past five years, increasing the pressure on one-time market giant Fitness First.

Corporate advisers 333 Capital have been retained to find buyers for the Australian clubs.

Mr Manuel said that following the restructure of the Fitness First group by new majority owners Oaktree and Marathon, and the 'virtual' removal of $890 million in debt, the business would have funds to improve the quality of existing clubs and open new venues.

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Fitness First puts clubs up for sale

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Home » Fitness » Fitness First puts clubs up for sale