Former Tasmanian Liberal leader Bob Cheek has signed an agreement to sell his chain of Zap Fitness gyms for over $50 million to the Fitness and Lifestyle Group.
Mr Cheek created and managed the wildly successful 24-hour Zap gym franchise, which currently consists of almost 40 clubs throughout Tasmania, Victoria, and South Australia.
Mr Cheek said it was a combination of factors that made him decide to sell.
“I’m not getting any younger, and it was a really great offer. You never know when another offer like that is going to come your way,” Mr Cheek said, “It was time to stop working 24 hours a day, every day.”
“I was happy with the offer because they’re going to keep the headquarters in Tasmania,” he said.
Mr Cheek said all Zap Fitness staff will be kept on, and the brand will be developed Australia-wide.