L.A Fitness has raised £8.2m from the sale and leaseback of four clubs. In a trading update the company announced the proceeds of granting new 35-year leases on each of the properties would mean L.A Fitness is completely funded to develop a further 70 clubs in the UK by July 2003. Two clubs in Birmingham and Liverpool have opened since the company's last trading update in November 2001, and membership increased by more than half, exceeding 100,000 for the first time. In addition, the company will be opening its first club in Barcelona, Spain in March and has secured another site in Madrid due to open after April. Construction and pre-selling of membership has started on seven UK clubs and 20 further sites are unconditionally secured.
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