Monday, 16 September 2013

This is the second year running that Management has been presented with the award by the Turnaround Management Association (TMA), winning in 2012 for McColl's Transport.

The TMA Awards are Australia's most prestigious turnaround industry awards, showcasing some of Australia's finest turnaround organisations.

Fitness First is the world's largest premium health club operator. Following the acquisition of £900 million of debt, the new hedge fund owners set about undertaking a corporate turnaround to position the business for future growth.

After delivering a range of operational improvements and cost savings, the company and its advisors developed and implemented a highly innovative approach to exit 30 sites involving a scheme of arrangement. Following an intense period of negotiation, terms were reached with affected landlords. The outstanding result was achieved using a combination of legal and commercial techniques that have not previously been utilised in the Australian market.