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Cannons, the chain of 52 health and fitness clubs, has been sold by Royal Bank of Scotland to Nuffield Hospitals for about £170m.
Cannons is to invest £21m in the development of nine new health and fitness clubs across the country, including sites in London, Nottingham and Bristol.
Cannons is to undergo a £260m management buy-out backed by Royal Bank Private Equity, and is planning to spend £205m opening 65 health and fitness clubs over the next five years.
Cannons and Hornbeam Park Developments have announced plans to build a £4m fitness club in Harrogate.
Cannons is looking to set up health and fitness clubs in Germany and Spain, and is currently developing a chain of six outlets in the Netherlands at a cost of £30m.
Cannons has announced plans to build 29 more fitness clubs by 2003 at a cost of £90m, including four in the Netherlands.
Cannons is to acquire Pinnacle Leisure, the operator of 10 fitness clubs, for £63m.