GoodLife Fitness, Canada's leading fitness club chain, has announced plans for signifi cant expansion over the next five years.

The company, which already operates almost 300 clubs across the country, has now outlined plans to create approximately 100 new clubs by 2016.

This comes on the back of an impressive 60 per cent growth in 2009-10, at a time when many other businesses were struggling due to the economic slowdown.

A CAN$125m loan from Penfund - an independent provider of capital to middle market organisations – will help drive GoodLife Fitness Clubs' growth plans, as well as allowing for re-investment in existing sites.