LDC, the private equity arm of Lloyds Banking Group, has bought a £20 million stake in The Training Room – the latest in a string of private equity investments in the fitness sector this year.

LDC and Jonathan Davies, the founder and chief executive of The Training Room - a provider of personal training courses for instructors - will each take a stake in the business, with non-executive directors also owning a small part of the company, according to LDC's investment director Alastair Weinel.