Report says Fitness and Lifestyle Group looking to sell Jetts Fitness 24/7 New Zealand gyms

Fitness and Lifestyle Group is understood to be looking to sell its New Zealand-based Jetts Fitness 24/7 chain.

Having sold Jetts Fitness' Australian gyms last September, Fitness and Lifestyle Group (FLG), owned and created by Quadrant Private Equity, is, according to a report in The Australian, now looking to sell the more than 50 Jetts gym clubs in New Zealand.

The report suggested that New Zealand's high level of inflation was influencing the sale.

Established in 2016, FLG now has more than 400 clubs and over 660,000 members with a portfolio of globally recognised brands including Fitness First Australia, Goodlife Health Clubs Australia, Barry’s, Jetts Fitness New Zealand | Thailand | Vietnam, Zap Fitness and California Fitness and Yoga.

In creating the Fitness and Lifestyle Group, Quadrant acquired Jetts in September 2016 in a deal worth a reported $100 million.

The Australian report advised that Jetts Australia is still part of the group, despite its management but out last year.

The Australian also noted "earlier this year, F45 gyms in Australia reportedly collapsed into liquidation, demonstrating the challenges some gym businesses have faced."