Mike Balfour, Chairman and Founder of the Fitness First health club chain, John Lovering, Chairman of both Debenhams and Somerfield, Stephen Wise, a former Bain & Co management consultant, Patrick Henchoz, Founder of the Esporta health club chain and former Operations Director of Country Club Hotels and Helmut Schön, an experienced venture capitalist are combining forces to launch The Hideaways Club, Europes First Private Residence Owners Club.

The Hideaways Club is a new concept in international property ownership. The Clubs founders have built on the basic concept of ‘fractional ownership, from the USA, where investors purchase a share in a portfolio of properties and gain the right to use them for several weeks throughout the year. There, the fractional ownership market has grown rapidly to encompass over 5,500 members with close to $2 billion in real estate under management. However, the founders have made two unique additions that fundamentally change the model. First, the Clubs properties will all be within four hours flying time of the UK to cater specifically for the European market. Second and most importantly, the Clubs members will own a share in the Clubs property portfolio and so benefit from the potential upside.

While many people dream of owning a second home overseas, they are, in reality, put off by the responsibility, hassle and confinement to one destination. Whereas someone investing in The Hideaways Club, acquires a share in a diversified property portfolio and gains access to a wide range of destinations. The commercial rationale for membership is compelling. A sum that would be required to own a small apartment instead purchases an extended stay in a choice of large, luxury villas. The annual subscription is far less (typically 40% less) than the cost of renting equivalent properties and the investor gains a share in the upside when the value of the property portfolio increases.

The investment perspective is attractive too. Residential property in Europe has performed very well over the past few years, growing 52.3% since 2002, according to property adviser Knight Frank. A share in the Hideaways Club is likely to be much more liquid than ownership of a house abroad; transaction costs are considerably reduced and the hassles involved in buying, selling and upkeep are eliminated.

With £15m initial financing from the founders and Investec, the Hideaways Club is in the process of acquiring a diverse portfolio of £1m plus properties in Europe around the Mediterranean. It has already purchased two properties and has had offers accepted on four more with six further properties under negotiation. In 2007, 12 properties, with an average value of over £1 million, will be available by year end, with the initial ones available to members in May 2007. Destinations are planned to include Croatia, Cyprus, the South of France, Italy, Majorca, Morocco, Portugal, Spain, Switzerland and Turkey.

Each property will be sumptuously furnished with an average floor space in excess of 2,500 square feet, with a minimum of four bedrooms and three bathrooms, large private gardens, swimming pool and plasma TV. Mike Balfour, Chairman, says: “We have refined a business model, which is already proven in the USA, to create a proposition that is even stronger for the European market. First, members gain ownership in a diversified portfolio and will share in the upside as the value of the assets increases. Second, the properties are close at hand, with the furthest being no more than a four-hour flight from London. Third, the standard of accommodation will be consistently high whilst design will be sympathetic to each location.”

Stephen Wise, CEO, concluded: “By starting with a strong cash position, the Hideaways Club is well placed to purchase very competitively and aggressively from the outset." At launch, the Hideaways Club already has over 40 people going through the membership process.

To contact The Hideaways Club call 020 7664 8860 or log onto www.thehideawaysclub.com

For further press information and high quality photographs, please contact David Tarsh, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or call: 020 7602 5262