Press Office
Esporta Group Strengthens Its Management Team
Date: 07 Aug, 2007
Esporta Group Strengthens Its Management Team; Lazard Hired to Review Capital Structure and Strategic Alternatives
London, 6th August 2007 – Esporta, the privately-owned health and fitness club chain, continues to strengthen its management team while its owners, jointly with Esporta, have hired Lazard to assist in a review of its capital structure and strategic alternatives.
Esporta has appointed two further key executives to strengthen its management team, following the June 2007 appointments of new Chairman David Turner and Deputy Chairman Allan Fisher, both with proven industry backgrounds, and new CEO Glenn Timms, an acknowledged leader of service-oriented businesses. Tim Redburn has been appointed Interim Finance Director and Steve Charlton has been appointed as an executive board director with interim responsibility for HR. Tim Redburn, a seasoned executive with extensive experience, has most recently acted as Interim Finance Director of Alpha Airports and was previously with Simon Group plc and Henlys Group plc. Steve Charlton, an experienced executive with a Business Development and HR background, was most recently HR and Support Services Director at business process outsourcing company, Sitel EMEA.
Commenting, Glenn Timms, Esporta CEO said:
"Esporta continues to be a successful & profitable group that is able to attract high calibre individuals with an exceptional track record. The new management team represents an impressive mix of pioneering industry experience as well as very strong skills in running multi-site service organisations. We are focussed on further strengthening our well-known brand and improving Esporta's offering to our members even further. We have reviewed our organisational structure and are re-aligning the leadership team more closely with the company’s stated aim of delivering an exceptional member offering. Esporta’s owner has undertaken to provide continued backing for growing the club portfolio nationally, and we have recently expanded the site acquisition pipeline, with one new club under construction and terms close to being finalised on another three sites. The new management team is very excited to be at the helm of a business which has great underlying fundamentals with a high quality employee base, and which represents a very strong platform for future growth."
In parallel with this, Esporta and its owners are continuing to consider possible alternatives with regard to the group's capital structure, following the acquisition of Esporta earlier in the year by the Halabi family trust. They are in constructive discussions with all stakeholders in such regard aiming to create a firm platform for the development of the Esporta business and have engaged Lazard to assist in reviewing the group's capital structure and strategic alternatives.
Members, suppliers and employees are not directly impacted by this review of capital structure and strategic alternatives, and should ultimately benefit from a stronger Esporta.
Contacts
Tavistock Communications
FAO: Jeremy Carey
Tel: 020 7920 3150
Fax: 020 7920 3151
Email: jcarey@tavistock.co.uk
Lazard & Co., Ltd.
Richard Creswell
Tel: 020 7187 2305
Email: richard.creswell@lazard.com
Lazard & Co., Limited is acting for Esporta and its parent companies and no one else and will not be responsible to anyone other than Esporta and its parent companies for providing the protections afforded to clients of Lazard & Co., Limited. Lazard & Co., Limited is authorized and regulated by the U.K. Financial Services Authority with registration number 114054.