Phoenix Equity Partners and Bridges Ventures have fully exited listed fitness chain The Gym Group.

The pair have sold their outstanding 30.5 per cent stake in an accelerated bookbuild. The 175 pence per share offer generated gross proceeds of £68.5m (€79m).

Phoenix and Bridges floated the business in November 2015 at an initial market cap of £250m.

Bridges Ventures backed the company when it was founded by former England squash player John Treharne. The firm sold a portion of its stake to Phoenix in June 2013 in a £90m deal.