The American financial multinational Morgan Stanley is advising the private equity firm TDR Capital in an auction of the assets of its David Lloyds Leisure gym chain, and, in recent weeks, has been canvassing potential investors who might be interested in acquiring a majority stake in the business. The sources of the Reuters agency indicate that if enough interest is registered, TDR is expected to continue with an auction process until the end of this year. So far, however, no decision has been recorded, as the deliberations are still at a very preliminary stage.
According to Reuters, both executives from TDR Capital and the David Lloyd Leisure chain have refused to comment on the matter.
TDR paid 869 million euros ten years ago
TDR took control of David Lloyd Leisure ten years ago (in 2013) after buying it from the previous owners, the British-based real estate investment fund, London & Regional, and the venture capital firm, Caird Capital LLP, for 750 million pounds (869 million euros).
TDR is currently looking for a way out after a decade of ownership, and failing to find a buyer after an auction process in 2017.
Today, David Lloyd has a network of 131 clubs among its strength in the UK, as well as in Europe. In Spain it has seven operating facilities distributed in Madrid, Malaga, Barcelona and Zaragoza,
The chain employs, according to its website, 8,500 workers.
