Balfour resigns from Fitness First

Mike Balfour, founder of Fitness First, one of the world's largest fitness club groups, has resigned from the company's board.

Balfour launched the company with business partner Christopher Pearce in 1992. Since then, the group has grown from a single site in Bournemouth, UK, to a global chain operating more than 560 sites This includes 91 clubs in Australia.

Balfour has remained at the company through two takeovers, the last one in September 2005 when venture capitalist group BC Partners paid a total of £830 million for the company.

It is understood that Balfour's resignation is due to disagreements with BC Partners over the company's strategy. Balfour still holds a significant shareholding in Fitness First.

In a short statement, a Fitness First spokesperson said: "Mike Balfour has created a tremendous business and everyone in the business is hugely appreciative of the legacy he has given us.

"While it is a shame he is stepping down, I am sure he will remain a friend of the business."

Tony de Leede, the founder of Fitness First Australia, stepped down from his Chief Executive's role in July last year.