David Lloyd and his son Scott have sold their Australian tennis and leisure club business for A$80m (£35m) to KP Capital, a private equity firm set up by two former UBS investment bankers. The Times

The family, together with shareholders that include John Magnier and JP McManus, are selling the business to Jason Katz and Hugo Robinson. The pair are trying to raise £200m for their first leisure fund, initially from wealthy individuals.

At UBS, the duo advised the Lloyd family last year on the £200m sale of Next Generation Clubs, although this did not include the group’s Australian arm.