BBML, controlled by Bannatyne, was to sell the fitness chain the right to use the Bannatyne brand name in return for shares in the newly-floated company.
The TV star, who appeared in I’m a Celebrity, is said to have been forced off the board, where he was a non-executive director, amid concerns about his history.
Last year, Bannatyne provided false evidence in a divorce battle with his ex-wife. The Scottish businessman had planned to raise £75 million, leaving him a 75% stake and a small free float of shares for investors to trade.
