I'd like to talk with you a bit now about the McFit acquisition. Basic-Fit comes, and decides to buy McFit. The deal, as announced, as the press knows, is €50 million. That doesn't include the refurbishment, the renovation of the gyms. There are 47 clubs, you're doing around 40 million in revenue. I wanted to know how much you think it might cost Basic-Fit to renovate all these gyms with a facelift and then secondly, why do you think they acquired McFit?

These investments start to be not so profitable. It starts to be complicated to maintain, to try to recover all that investment that has been made in the USA, along with some investments like France, which didn't work out entirely well, with huge investments. So there comes a time when you consider that if there's any product – at that time, it was Poland – that's attractive in the market and that doesn't hurt much to sell, well maybe you can sell it. All this happened with the death of the owner, who was the person who had more connection with the brand and more connection with us in Spain. The new managers understood that a very good way to generate resources and cash flow for Germany, to pay for all these new projects, was to sell a company. 

I'd like to talk with you a bit now about the McFit acquisition. Basic-Fit comes, and decides to buy McFit. The deal, as announced, as the press knows, is €50 million. That doesn't include the refurbishment, the renovation of the gyms. There are 47 clubs, you're doing around 40 million in revenue. I wanted to know how much you think it might cost Basic-Fit to renovate all these gyms with a facelift and then secondly, why do you think they acquired McFit?

And the company that was easier to sell, more profitable and more attractive in the market was McFit Spain, because of the EBITDA. I don't know the real figures in which it was done. I have heard on some occasion that their idea was not to exceed €200,000 in capex for the rebranding. I know it's already 100% executed because there's no McFit gym that isn't Basic-Fit in terms of image. What I can't assure you is that those numbers have been met; it would be a maximum, but it could have been less.

Do you think there wasn’t a better offer available?

There was, but not concretely. As far as I know, and I can't say for sure, there were more verbal offers than actual possibilities to close a deal. There were approaches, rumors of higher figures, but many pulled out for various reasons. Some had financing issues; one backed out due to concerns about the saturated Spanish market. Ultimately, I think they sold for much less than the company was worth; essentially a giveaway. It was almost a gift.