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Whitbread completes David Lloyd sale

03 August 2007 by
Whitbread completes David Lloyd sale

Whitbread today completed the sale of David Lloyd Leisure to Next Generation Clubs for £925m.

The deal, backed by London & Regional Group Holdings Limited and Bank of Scotland Corporate, will see the 71 David Lloyd Leisure clubs added to the Next Generation estate.

Whitbread will use the money to pay down debt and boost its Premier Travel Inn and Costa businesses.

Any excess cash, net of pension fund contributions and acquisitions, will be returned to Whitbread's shareholders.

The disposal follows the sale of TGI Friday's in March this year and completes Whitbread's transition to a company focused on hotels and coffee shops.

Opportunity to buy Whitbread has passed, says its chief executive >>

Whitbread to spend millions rebranding Premier Travel Inn >>

By Daniel Thomas

E-mail your comments to Daniel Thomas](mailto:daniel.thomas@rbi.co.uk?subject=Whitbread completes David Lloyd sale) here.

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