North West fitness chain announces pre-tax losses of £8 million
North West-based fitness chain DW Sports has announced pre-tax losses of £8 million for the year ending 31 March 2017, in part due to the £70 million acquisition of the Fitness First UK brand.
The UK health group, Fitness First, which was based in Poole, was acquired by renown business man Dave Whelan and his DW Sports brand in In October 2016, acquiring all 62 of its clubs across the UK as the acquisition sought to complement the 78 DW Fitness clubs primarily based in the North and the Midlands.
Meanwhile, turnover topped the £200 million mark, seeing an increase of 27.5% to £203.5 million in comparison to the same period last year, with fitness clubs accounting for £115.4 million.
A statement said: “Turnover in the period has seen growth of 27.5% as a result of the acquisition of Fitness First as well as additional outlets in the current and previous year in Dave Whelan Sports.
“The group’s operating profit has fallen during the period due to the timing of costs associated with new store openings, the acquisition of Fitness First and portfolio management costs surrounding site closures.”
DW Sports now owns 131 health clubs, 88 shops and one football club shop at Wigan Athletic.