Gym operator Fitness First will this week put a plan to landlords proposing to offload a swathe of stores through a company voluntary arrangement.

The company is set to unveil a CVA proposal by Friday which would propose it giving back around 50 of its 140 stores.

The CVA is understood to be one of the first to offer a clawback to landlords, which will see them profit is a slimmed down Fitness First returns to strong profitability.

The company has been working to stabilise its balance sheet, and has already undertaken a debt-for-equity swap with lenders.