HCM understands that the directors of énergie Fitness have brought in specialist company FRP Advisory (FRP) to look at options for recapitalising the business.

One of the ways forward being considered is a sale, with a management buyout team having already signalled its intention to bid.

This MBO team – led by founder and former chair of énergie, Jan Spaticchia – is being backed by RM Funds, the company’s existing secured lender and a fully-listed investment house.

énergie Fitness, which was founded in 2003, has 105 clubs, 143,000 members and 85 franchisees. Annual network turnover pre-COVID-19 was £33m.

The company was acquired in early August 2019 by Bridges Fund Management following a process led by Clearwater International.

At the time, RM Funds, the investment manager to RM Secured Direct Lending, provided a finance package to support Bridges’ acquisition.

Bridges had previously backed John Treharne's Gym Group and acquired Portuguese operator Fitness Hut through its interest in Viva Fit.

Commenting on the potential MBO, Spaticchia said: “I’m very confident in the business that the team and I built over 15 years. It’s well-placed to do its part in getting the nation back to exercise as we come out of the lockdown.

“We’re confident that the robust franchising network we built would enable us to continue to grow a strong, sustainable business, both domestically and internationally.”

“It’s a sign of the strength of this vision that the bank is prepared to back us in our bid to deliver the next stage of the company’s growth,” he said.

FRP Advisory is expected to announce the outcome of the sale process in early June.