ICG Enterprise Trust announces realisation of David Lloyd

Swimming pool close up
The investment has delivered a 28% IRR to ICGT

ICG Enterprise Trust (“ICGT”) is pleased to announce the realisation of David Lloyd. ICGT initially invested alongside TDR Capital in 2013, and the investment has delivered a 28% IRR to ICGT. The sale was executed in line with the last reported NAV, and cash proceeds of £20 million have been received.

David Lloyd is an operator of premium health clubs and was ICGT’s tenth largest company exposure at 31 July 2025, representing 1.4% of the Portfolio.

At 31 July 2025, ICGT had Total Available Liquidity of £187 million and a gearing ratio1 of 5%. Pro forma for the Froneri announcement in October and this announcement, ICGT would have Total Available Liquidity of £243 million and a gearing ratio of 1%.

1 Gearing ratio defined as net debt/NAV

Enquiries

Analyst / Investor enquiries:

Martin Li, Shareholder Relations, ICG +44 (0) 20 3545 1816
Nathan Brown, Deutsche Numis +44 (0) 20 7260 1426
David Harris, Cadarn Capital +44 (0) 20 7019 9042

Media:

Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1395

Website:

www.icg-enterprise.co.uk