MILLIONAIRE businessman Duncan Bannatyne is considering selling his chain of fitness clubs and setting up a TV production company in the North-East.

The tycoon has been told by financial advisors he is likely to get more than £100m for his Bannatyne Fitness empire of 32 health clubs, which has its headquarters in Darlington.

His spokeswoman told The Northern Echo that if he did sell up it was likely that he would go into TV production.

"He would be starting up a company in the North-East and creating more jobs in that sector," she said.

"He's mulling it over over Christmas. It's at the discussion stage. He will see what interest there is in the business."

Mr Bannatyne, 55, who set up the fitness company in 1996, is due to judge aspiring entrepreneurs on a business reality show, Dragons' Den, which starts on BBC2 on January 4.

He has also dabbled in acting, filming a bit part in British movie School of Seduction and appearing as a bar owner in ITV's Girls' Club.

He said: "There is a lot of interest in the health sector at the moment and Bannatyne Fitness is one of the most successful in the UK market.

"I haven't yet decided if I want to sell the business that I have enjoyed developing. However, we have had an indication from financial advisors that its value would not be below £100m."

Bannatyne Fitness opened its first club in Ingleby Barwick, Teesside, and has expanded to locations such as Colchester, Ayr, Eastbourne and Norwich.

It employs 1,200 people and has more than 80,000 members, while revenues of £28m are generated each year. A total of 40 clubs are expected to be part of the group by the end of next year.

Earlier this year, Bannatyne Fitness had an attempt to establish a 60-bed hotel, casino and 1,000-seat bingo hall in Haughton Road, Darlington, rejected by councillors.

Mr Bannatyne appealed to the Government to have the decision overturned and an inspector's verdict is awaited.

In November, he opened a £5m casino and a Moroccan-style bar in Newcastle.