Mr Green said: "As we have sought to develop company voluntary arrangement models, we have worked with creditors to find workable compromise agreements.
it was previously reported.
The company was paying 144m in interest on its borrowings each year on revenues of 636m, Nike Air Force 1 High Suede Women's Shoe
Andy Cosslett, Fitness First chief executive, said: "This gives us a strong platform on which to build.
Free morning newspaper, The Metro, published every weekday, is also part of our portfolio,
If you feel we have made an error in a report, or have fallen below our usual high standards, please write in the first instance to: Rob Irvine, editor, Manchester Evening News, Mitchell Henry House, Hollinwood Avenue, Chadderton, Oldham Nike Air Force 1 Low White On Feet OL9 8EP.
Professional services firm KPMG, which supervised the CVA, said the majority of the group's landlords voted in favour of the proposals, which will give returns of up to 28p in the pound compared to just 0.5p in an administration.
"With the support of its key creditors, Fitness First has been able to find a way to avoid administration."
It was the latest CVA masterminded by a team at the Manchester office of KPMG, led by restructuring partner Brian Green. Previous assignments have included ones for JJB Sports and Blacks Leisure.
gyms will be reduced to 55 per cent. Remaining clubs will continue to operate under the Fitness First brand.
delivering more than 200,000 readers in Greater Manchester.
Approval of the CVA will also see lenders convert their debt into shares in the business once the restructuring programme is completed.
The chain, along with rival LA Fitness, has found revenues squeezed in recent months because consumers are Nike Air Force 1 High Retro
spending less and budget gym operators are growing.
The restructuring will see 67 of the company's 147 gyms in the UK transferred to other operators within the next six months and in the meantime rent on these Nike Air Force 1 Low - Men's Red
Greater Manchester Business Week is the region's number one provider of business news andfeatures, targeting a bespoke business audience with 12,687 copies every Thursday.
The chain, which employs 1,500 staff in the UK, secured backing for a company voluntary arrangement, which will allow an overhaul of the company's leases to go ahead.
Fitness First, which has 430 clubs worldwide, recently warned that it was struggling to meet its costs as it buckled under a 400m plus debt mountain.
"We are now drawing up plans to increase investment in our existing clubs, increase the number of markets in which we operate and increase our levels of service and innovation for the benefit of our million plus members worldwide."
KPMG advises on Fitness First CVA
Advisers in Manchester were the architects for a deal which saw health club group Fitness First thrown a lifeline as creditors waved through a last ditch bid to tackle its burgeoning debt pile.
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