A private equity firm has bought health club chain David Lloyd Lesiure in a deal worth more than £700 million.

TDR Capital have bought the company, which has centres in Beckenham, Dartford, Kings Hill and Maidstone among its 81 clubs in the UK and 10 in Europe.

Founded in 1980 by former tennis professional David Lloyd, the chain is set to receive a £50 million injection from TDR.

The group is looking at adding more than 20 potential sites in the UK, and is hoping to add two new clubs in Europe, with negotiations already underway.

DLL chief executive Scott Lloyd – the son of the former Davis Cup captain – said: “The team at TDR have an enviable track record of investing in highly successful businesses, particularly in the leisure sector.

“DLL and its members will see immense benefit from their experience and expertise.”

TDR founder Manjit Dale added: “We look forward to investing capital in order to further improve the member experience and to attract new members.

“We believe that DLL will be a great first investment for our latest fund, drawing as it does on our experience of growing first-class leisure businesses in the UK for the benefit of members, staff and investors.”