Sheffield United Football Club (SUFC) has completed the sale of its health and fitness club in Staines, Middlesex, as part of its strategy to refocus its leisure operations around the South Yorkshire area.
The four-acre Thames Club – which was purpose-built six years ago – was sold to a company funded by the Downing Protected Venture Capital Trusts, generating a gross profit of £0.7m for the club.
As reported in Leisure Opportunities at the time, the property was put up for sale by Christie + Co – which acted on behalf of SUFC on the deal – in October 2007.
Facilities at the club feature a 20m swimming pool, an 85 station fitness club, sauna, a 300-capacity conference centre and a sports bar.
The club will continue to trade as The Thames Club Limited.
Steve Lewis, managing director, said: "I'm pleased and excited to have secured this club. The plans we have are significant and involve investment of up to £1.5m, which I firmly believe will move the club to an even higher level in both the facilities and services currently offered."
Paul Beaumont, investment director at Downing, said the new owners of the club could be looking at expanding the concept.
"We're delighted to be supporting Steve who will have the non-executive support of Nick Taplin of the successful Cadbury House operation in Bristol – also funded by Downing," he added.
"Bringing so much joint experience and enthusiasm we are confident that The Thames Club will move to something very special, possibly even part of a small chain of similar clubs."
SUFC acquired the club in 2006 for £4m as part of its own plans to roll out a chain of health clubs.
Jason Rockett, SUFC chief executive, said profits from the sale would be used to repay debt and to finance investment in the first team.
"The sale has realised a significant return on our investment. Thames was part of the diversification of our off-the-field business through leisure and property, which will now have a much greater focus on South Yorkshire," said Rockett.
"With the opening of the Copthorne Sheffield Hotel taking place in autumn 2008, which includes a new health club, it makes sense to realise a significant profit from the sale of the Thames Club allowing us to focus our capital and management resource on the new challenges."
