BC Partners axes board of Fitness First

ALMOST the entire board of Fitness First has been axed by its private equity owner in an attempt to preserve its investment in the indebted company.

BC Partners fired the fitness chain's top management team, including chief executive Colin Waggett, finance director Duncan Tatton-Brown, and UK managing director John Gamble, The Times reported.

The move follows last year's abandoned £1bn listing on the Singapore Stock Exchange because of market conditions.

Last month it emerged that BC Partners, which bought the chain in 2005 for £835m, had entered into negotiations with Fitness First's creditors over a restructuring of the company's £550m debt burden.

The private equity firm has parachuted in Chris Stone, known for turning round private equity-owned Northgate Information Solutions, as chief executive.