Slow Growth for Holmes Place

Holmes Place has revealed that it will only open six new health and fitness clubs this year instead of 18, despite unveiling higher profits for 2001.

This slowing in growth rate is due to the new year having started below expectations, a trend that chair Graham Reddish expects to continue; 'The health and fitness market is becoming more competitive in the UK, and although we believe there is substantial growth for us and other quality operators… the rate of growth may slow from previous expectations,' he said.

The group, which currently runs 63 clubs in Britain and continental Europe, still claims the openings have merely been postponed, not cancelled, 'Most of these openings have only been pushed back due to the late delivery of shells,' chief executive Allan Fisher said, 'Instead of opening 36 clubs in the next two years, we will spread the same number of openings over three years.'

Still going ahead, however, is Holmes Place River East in Chicago, the group's first foray into the United States; a joint venture with Bally Total Fitness Holding Corporation.

The other sites for 2002 include clubs in Croydon and Sunbury-on-Thames, as well as the already open Fulham Pools. In Europe, Barcelona, Lisbon and Vienna will see clubs opening later this year.