Private Equity firm BC Partners have appointed three banks to manage the £1bn float of the Fitness First chain.  Fitness first, founded by Mike Balfour in 1992 and bought over by BC Partners in 2005, operates 550 clubs in 20 geographic locations, 162 of which are based in the UK.

Credit Suisse, JP Morgan and Asian-based bank CLSA will oversee the planned flotation on the Singapore stock market in a move that will be a blow to the London Stock Exchange.

BC is expected to raise around S$600m-S$700m (£292m-£340m) from the IPO depending on demand.

The IPO flotation is due to launch in Q3 and will leave the private equity firm with more than 60pc of the listed group.