Fitness First has just opened one of the world's most expensive gyms - but it's still counting cost of falling into administration three years ago

Gym bunny: The 377-strong chain recorded a slight decline in turnover

Fitness First just opened one of the world’s most expensive gyms, but Fitness First is still counting the cost of rescuing the company from falling into administration in 2012.

The 377-strong fitness chain, which is majority-owned by Oaktree Capital Management, recorded a slight decline in turnover to £469.4million in the year to October 31, 2014, as a result of gym closures and currency fluctuations.

Operating costs and £43.6million in interest payments resulted in an overall pre-tax loss of £35.7million.

However, the pre-tax loss figure is almost half the previous year’s loss of £62.5 million. The company said that 2014 was a ‘year of investment’ and it was on track with its three-year, £200 million turnaround programme.

Fitness First last week unveiled its new £4.7million gym on top of a skyscraper in Singapore targeted at executives and bankers.