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    It underwent an organization voluntary arrangement, in which 26 of its 117 clubs have been closed completely, and Caledonia invested £22 million to retain possession of the company. Permira purchased a stake within the firm in August 2005, which valued the business at £1.89 billion. This was later followed by a collection of private fairness gross sales of the company starting in February 2003 to the personal fairness firms Candover and Cinven. This merger with Granada led to the corporate rebranding as Gala Clubs later that yr.