The chief executive of health club operator Esporta has quit -- just days after the group issued a profits warning.

Esporta, which last year opened a club in Woodstock Road, Oxford, said Graham Coles, who has held the post since 1999 and was on a basic salary of £220,000 per year, had left by mutual agreement.

A spokesman added: "In light of the trading statement last week, the board considered changing the management leadership was appropriate."

The group said it was struggling to attract members and full-year profits would therefore be significantly below market expectations.

Shares in Esporta plunged to a record low of 48.5p.

Non-executive director Michael Cairns will take over as acting chief executive while a replacement for Mr Coles is sought.

Chairman John Grieves said the group was fortunate to have Mr Cairns in the top job.

He also sought to dispel some of the gloom, saying: "I firmly believe Esporta will be able to take advantage of the growth opportunities in the health club industry both at home and aboard."

Mr Coles' departure also coincides with speculation that hotel and leisure group Whitbread is mulling over a £100m bid for Esporta.

But a spokesman for Whitbread - owner of the David Lloyd Leisure chain of health clubs - played down the report as just market rumour.

Esporta, based in Wokingham, Berkshire, owns about 40 clubs in the UK and four in mainland Europe.