Fitness operator Holmes Place has placed three of its Austrian clubs into administration after amassing debts of more than 41m euro (US$55m, £35m), according to business publication Finanzen Versicherungen und Kredit News.

The insolvency of the clubs, located in Salzburg and Linz, will not affect the four Holmes Place clubs in Vienna.

Jonathan Fisher, CEO of the Holmes Place Group, was quoted as saying that the debt is almost entirely comprised of shareholder loans that were used to establish and support these clubs.

The news came as Holmes Place International bought back 29 Holmes Place Health Clubs in Spain and Portugal.

To read about the opening of a brand new Holmes Place club Berlin, click here