Fitness First is planning to sell up to 10 regional UK health clubs as the chain continues its strategic shift upmarket towards premium clubs in metropolitan centres, amid speculation that owner Oaktree Capital Management is planning to exit the business.

The potential offload comes as Oaktree recently replaced CEO Andrew Cosslett with Oren Peleg, one of its senior managers who has a strong pedigree in finance. Peleg's appointment sparked suggestions that he will move to cut costs and boost earnings ahead of a potential sale of Fitness First by Oaktree, which bought the company in 2012.

A well-placed source told Health Club Management that the gym chain is looking to offload 10 sites outside of London, in areas where “consumers are sensitive to price and budget gyms have gained a strong foothold.”

The clubs in question, which span the south west, Midlands region and “a few outliers” are being marketed “through the usual channels” and are expected to be sold separately rather than to a single suitor. Although several are profitable, the gyms are understood to be “not exceptional enough to hold on to” as Fitness First looks to finalise its shift towards offering premium clubs in major urban centres.

“We can confirm we are considering options for other gym operators to take on the operation of a small number of Fitness First clubs,” said a Fitness First spokesperson.

“These clubs are situated in locations that are better suited to other types of operator and do not fit with our strategic plan going forward, which is to invest heavily in our people, our service and our facilities to grow our business in the right locations across the UK.

The chain’s strategic shift forms part of a £270m (US$408m, €346m) four-year global transformation, which is intended to be completed by the end of 2015 – one year ahead of schedule.