HEALTH club group Fitness First has unveiled a debt deal with its lenders.
The gym chain, which employs 13,000 people and has 1.2m members worldwide, said more than 90% of its lenders have signed an agreement agreeing to the terms of a company turnaround plan.
The agreement will see the lenders convert their debt into shares in the business once the restructuring programme is completed, as well as providing significant long term funding.
Fitness First, which has 430 clubs worldwide, including one at Lockwood Park in Huddersfield, recently warned that it was struggling to meet its costs as it buckled under a £500m-plus debt mountain.
Fitness First said the move would bring long term financial security.