A Travers Smith team, including Head of Real Estate Julian Bass and Real Estate senior counsel Emma Pereira, has advised Bannatyne Fitness Limited on a c.£92million deal involving the sale to M&G Investments and the leaseback to Bannatyne Fitness Limited of 39 Bannatyne's Health Clubs.

Bannatyne Fitness Limited is the UK's largest independently owned health club operator.  The sites, a mixture of freehold and leasehold land and buildings, have all been let back to Bannatyne Fitness Limited on new long term ground leases for c.125 years on a full repairing and insuring basis with annual rent reviews linked to inflation.  The deal enables Bannatyne Fitness Limited to retain long-term control of the sites and continue to operate its business of running health clubs.  It also released the company from its bank debt with the collapsed Anglo Irish Bank.

Ward Hadaway and Anderson Strathern also advised Bannatyne Fitness Limited, with CMS Cameron McKenna acting for M&G Investments.