Sky News has learnt that TDR Capital, which has owned the business since 2013, has engaged bankers from Morgan Stanley to work on a review of its strategic options.

City sources said on Tuesday that a sale would only proceed if there was interest at a sufficiently attractive valuation for TDR.

David Lloyd trades from approximately 150 clubs, and is said to be trading extremely well despite growing leisure industry concerns about the impact of the cost of living crisis.

Bankers say that other large buyout firms are expected to examine offers for the chain.

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It was bought from the property group London & Regional and investment firm Caird Capital, and has since expanded significantly both in the UK and Europe.

Employing more than 8,500 people, the company boasts more than 730,000 members, according to TDR's website.

Last October, David Lloyd announced the acquisition of ABC Serrano and La Finca health clubs in Madrid.

The company is run by Glenn Earlam, its executive chairman.

TDR declined to comment.