TDR works out David Lloyd deal

Alice Murray
05 September 2013

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TDR Capital has acquired the entire share capital of health, sport and leisure group David Lloyd Leisure (DLL).

The deal value has not been disclosed, however, it is believed to be in the £750 region.

Following the deal, TDR plans to invest a further £50m across the existing estate to enhance facilities. The private equity firm has also identified a pipeline of more than 20 potential additional sites in the UK, as well as a number of UK bolt-on opportunities. The group will also look to further expand in Europe through selected add-on deals and is currently negotiating two new clubs.

Company
DLL is a family-orientated, high-end, health, sport and leisure facility operator. The group has 81 clubs in the UK as well as a further 10 across Europe. It has 440,000 members and employs 6,000 people. It most recently opened a new flagship club in Farnham in December 2011 and another in Worcester in December 2012.

The group launched DL Studios, a personal and group training fitness concept, in September 2012 in Putney, exposing the company to the high street and gaining a level of diversification. It has since opened more DL Studios in Winchester and Islington this year.

DLL has seen a 4% uplift in membership sales this year and a 5% drop in leavers, which is believed to make it one of the highest member retention groups in the industry.

People
Scott Lloyd is CEO of DLL. Manjit Dale is a founding partner of TDR.