David Lloyd Leisure (“DLL”) is Europe’s largest operator of premium racquets, health and fitness clubs. It operates 112 sites across the UK and Continental Europe, with over 600,000 members and employing over 8,000 staff.

DLL provides a unique family-oriented premium offering and each week it helps 20,000 children to learn to swim and 15,000 children to play tennis. DLL also offers unrivalled health, sport and leisure facilities, including 170 swimming pools, over 850 tennis courts and over 400 squash and badminton courts.


We had followed DLL for many years, believing it to be a unique leisure concept and a premium property-backed asset. We believed it had strong potential to grow by investing capital across the existing estate, expanding into new geographies and significantly enhancing DLL’s customer proposition through a series of operational improvement initiatives.

In November 2013 we acquired DLL from UK-based property company London & Regional and Caird Capital LLP, the manager of Bank of Scotland’s legacy Integrated Finance portfolio.

What We've Done

Following the acquisition of the business we undertook a major capital investment programme, making significant improvements in the style and range of facilities available to members across the estate. We have also worked with management to improve all aspects of the member experience in order to cement DLL’s position as a market leader in premium family leisure.

We have relaunched David Lloyd’s new site development programme in the UK and Continental Europe. In May 2017 we acquired 14 racquet clubs from Virgin Active and have completed a major capital expenditure programme across the acquired estate.