He was born in Leigh-on-Sea, Essex. He and his younger brother John Lloyd became two of the most successful British tennis players throughout the 1970s and 1980s. David captained the British Davis Cup team and became a leading figure in the Lawn Tennis Association. He founded the David Lloyd Leisure Clubs, Next Generation fitness clubs and David Lloyd Resorts as a businessman. He was also briefly chairman of Hull City A.F.C.. He also coached Tim Henman.
In May 2007, Lloyd bought the collection of artist Willard Wigan.