Shares in health club group Fitness First jumped ahead as it effectively put itself up for sale.

The group, which shocked the market with a profits warning last month, said it had instructed its financial advisers to investigate options to maximise shareholder value.

It said this could include an offer for the company, although it stressed no offer had yet been received.

Fitness First, which operates 144 clubs in the UK, said the decision was partly in view of its share price performance.

Shares, which have lost nearly half their value since the profits warning, rose nine per cent to 130p following the statement.

The day before last month's warning shares were 212.5p.

In its warning the group revealed it was expecting pre-tax profits for the year to October 31 to be 20 per cent below City forecasts.

Fitness First said its newly-opened clubs in the UK were taking about three months longer to reach break even than previously achieved while member recruitment rates had slowed. Its growth strategy had stretched management resources more than expected.

Fitness First said a number of key initiatives had not been achieved and its UK teams lost some focus.

The group said that since its October announ-cement it had cut head office and club operating costs and reduced the number of planned new clubs opening.

It was now planning to open 50 clubs during its financial year to October 31 2003, against 111 in the comparable period this year.

Fitness First has 720,000 members in its 311 clubs, of which 167 are overseas.

Despite the troubles it said it was confident the prospects for the group next year remained good.

Chief executive Mike Balfour said the group had received interest from some private equity houses.

Reports suggest the business could be sold for almost £200 million. At its current share price it is valued at just less than £150 million.