“We have held an ambition to list fitness dk and by transferring the company to PSE, this will be a reality, without going through an IPO,” says Rasmus Ingerslev, who continues as CEO.

Flemming Ostergaard, PSE’s chair, becomes chair of Fitness dk, while Hans-Henrik Palm will be deputy chair.

The group plans five openings for the next 12 months. Two clubs are to be relocated to bigger sites and DKK22m (£2m) will be invested in refurbishing some of the 36 existing clubs.

“We want to keep our members satisfied. Shareholders, however, expect growth. With penetration of less than 9 per cent, there is room to grow the market up to 60 per cent”, says Ingerslev.

In 2005, fitness dk reported total revenue of DKK160m (£15m). In 2006, it expects to exceed DKK300m (£28m). The deal will bring PSE’s total revenue to more than DKK800m (£74.5m).

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