Private investment firm Encore Capital is in the midst of what looks like a buying spree of London’s premium health clubs.
Having recently acquired the Third Space chain – whose Soho and Marylebone clubs boast a range of celebrity members – Encore has now snapped up the Tower Bridge 37 Degrees health club for an undisclosed fee. The 27,000sq ft (2,508sq m) site overlooking the Thames features a 6,000sq ft (557sq m) gym, swimming pool, sauna, steamroom, several studios, a medical centre and a spa.
These recent acquisitions, together with Encore’s ownership of the Reebok Sports Club in Canary Wharf underline its ambitious growth plans in the health and fitness sector.
“The acquisition of 37 degrees at London Bridge fits our strategy well. Our aim is to be the leading luxury health club operator in the best locations in London,” said Encore partner Shirin Gandhi.
“We aim to invest heavily in upgrading the already high quality facilities within this club which, together with the redevelopment of London Bridge Station will add to the attractiveness of this location.”
The Tower Bridge club has been acquired from a joint venture between Albion Ventures and London Health & Fitness – owned by founders Andy Kay and Mhairi FitzPatrick. Kay and FitzPatrick are now focusing on their new leisure investment vehicle Socius Investing, with the former telling Health Club Management: “We are very pleased to have done this deal with Encore Capital. We’ve known the executive team at The Reebok Club for many years and they are very well placed to take this special club to the next level”.