IMAGINE SPA MANAGEMENT

There is great excitement at Imagine Spa Management as we announce the following development which sees us become part of Mosaic Spa and Health Clubs Ltd. Here is a press release which announces the acquisition:

“The contract management business operated under the Fitness Express and Imagine Spa brands has secured significant investment to enable the business to acquire more sites. The backing has come from funds under the control of Downing Corporate Finance who have taken a 30% shareholding in the business which will now be operated under a newly formed holding company called Mosaic Spas and Health Clubs Ltd. The existing management team of Steve Taylor, Oliver Wright and Dave Courteen have slightly increased their share in the business too.

“Over the last 5 years we have grown our spa business and have numerous opportunities for further growth which requires us to inject some capital into the potential developments. We have spent the last year looking for partners to help us with funding. We like the approach Downing take to investing and believe they are the ideal partners to help us grow the business,” explains Dave Courteen, MD of Fitness Express.

The deal sees the exit of six shareholders who invested in the business when Taylor and Courteen, the original founders, reacquired it from Crown Sports in 2004. “It is great that this deal represents a good return in the current climate for the departing shareholders. They have provided us with loyal support over the last seven years but they felt it was time for them to get a return on their investment and allow us to get the new funding we needed,” Courteen added.

As well as securing more management contracts and joint ventures with hotel partners, the Mosaic business is also looking to acquire freehold sites to roll out the Fitness Express and Imagine Spa brand. Paul Beaumont of Downing, who becomes a Director of Mosaic as part of the deal, explains “Downing has a history of backing strong management teams and we are excited to be involved with this business. We have spent some time looking at the way they operate and have been attracted by the enthusiasm, commitment and professionalism of the people within the business. We are very confident that we can provide the financial support to take the business to the next level.”

Mosaic are close to announcing the first of its joint ventures with hotel partners in East Anglia.

The business, through its digital media team, has already created an interactive new website for the new business which  creatively tells the Mosaic story. A link to the new website is included below:“

www.mosaicspaandhealth.co.uk