Market weighs up health club
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Tuesday, 13 March, 2001 - 21:00
THE future of BC The Body Club has been the subject of market speculation, with talk that the health club chain is considering some form of restructuring.
The possibility of new equity to fund an east coast expansion, possibly through a stock market listing, is the subject of some rumours but Business News’ efforts to talk to senior management have been rebuffed.
Sources said a number of companies – worth under $2 million - are believed to be ripe for a reverse takeover, and small mining operations are said to be looking attractive at this time.
BC The Body Club director and major shareholder Jim Cowling refused to comment, saying it was not yet appropriate to do so.
However, he has long been known to harbour desires to take the chain east.
BC The Body Club is the trading name of Tonesports Pty Ltd a company formed in 1996, around the time Mr Cowling left the health club’s financier St George Bank, where he was State manager, to head up the enterprise which was previously run by Brian Fletcher.
The company is understood to be embroiled in legal action with Mr Fletcher.
Australian Securities and Investments Commission records show Mr Cowling owns 50 per cent of Tonesports, Shaun McCabe owns 40 per cent and Joseph Ohayon holds 10 per cent.
BC The Body Club has survived in an industry renowned for big failures, the biggest of which was Laurie Potter’s health club business in the 1980s.
The possibility of new equity to fund an east coast expansion, possibly through a stock market listing, is the subject of some rumours but Business News’ efforts to talk to senior management have been rebuffed.
Sources said a number of companies – worth under $2 million - are believed to be ripe for a reverse takeover, and small mining operations are said to be looking attractive at this time.
BC The Body Club director and major shareholder Jim Cowling refused to comment, saying it was not yet appropriate to do so.
However, he has long been known to harbour desires to take the chain east.
BC The Body Club is the trading name of Tonesports Pty Ltd a company formed in 1996, around the time Mr Cowling left the health club’s financier St George Bank, where he was State manager, to head up the enterprise which was previously run by Brian Fletcher.
The company is understood to be embroiled in legal action with Mr Fletcher.
Australian Securities and Investments Commission records show Mr Cowling owns 50 per cent of Tonesports, Shaun McCabe owns 40 per cent and Joseph Ohayon holds 10 per cent.
BC The Body Club has survived in an industry renowned for big failures, the biggest of which was Laurie Potter’s health club business in the 1980s.