David Lloyd Leisure (“DLL”) is Europe’s largest operator of premium racquets, health and fitness clubs. It operates 123 sites across the UK and Continental Europe, with over 630,000 members and employing over 8,000 staff.

DLL provides a unique family-oriented premium offering, generally operating from large edge-of-town sites. DLL offers unrivalled health, sport and leisure facilities, including indoor and outdoor swimming pools, indoor and outdoor tennis courts, squash and badminton courts, exercise and wellbeing classes as well as spa facilities.


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 through the acquisition of small portfolios as well as standalone sites. With the initial focus on the UK, DLL acquired 14 racquet clubs from Virgin Active in May 2017 and has opened six individual new clubs. The current focus of the new club strategy is on expansion in Continental Europe where to date DLL has acquired six individual clubs in Spain, Italy, Germany and Switzerland as well as completing the acquisition of Meridian Spa & Fitness, an estate of eight clubs in Germany. DLL is executing an accretive capital expenditure programme across the acquired estate and transforming the customer proposition.