énergie has confirmed that the current volatile market conditions coupled with a very attractive offer from a private equity firm has ultimately driven this decision.
The offer is seen to more appropriately recognise the value of the group than is likely to be the case with the current state of equity markets, against this backdrop the Board of énergie have made the decision that this is the most appropriate structure to fund the next stage of the company’s development.
In the financial year to September 2011 the énergie group of companies delivered profit before tax and provisions of £1.5m on a turnover of £4m and network turnover of c£23m
Commenting on the decision, Jan Spaticchia, Chief Executive of énergie said: “This has been a difficult decision to make. We were looking forward to being a Listed company and believe it would have provided significant benefits as we embark on our planned expansion of 80 additional Fit4less clubs. However the offer that we have received against the backdrop of uncertain market conditions made this the right choice. We do not rule out a listing at some stage in the future.”