Holmes Place raises £13m from sale and leaseback deal


Fitness group Holmes Place is raising £13.6 million from a sale and leaseback deal to fuel its expansion programme.

Over the next two years, Holmes is planning to open 37 outlets, nearly doubling its current estate. To help finance the growth, it is selling five freehold properties including those in Notting Hill, Amersham and Poole to property group Wetherby Holdings.

The deal will see Holmes lease back the clubs, including one under development at Streatham, for an initial total rent of £1 million.