Exercise Professionals - Soho Gyms feels the heat from low-cost chains...
23 Apr 2019 Exercise professionals: News, jobs and training
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

13 Oct 2017

Soho Gyms feels the heat from low-cost chains
BY Deven Pamben

Membership numbers at Soho Gym were up but gym membership income was down

Membership numbers at Soho Gym were up but gym membership income was down

Aggressive low-cost operators and political uncertainty are putting pressure on London-based fitness chain, Soho Gyms, but its new site at Tower Hill – acquired from Fitness First - is trading well.

In its latest filing to Companies House, Soho Gym's parent company, Ovalhouse Ltd, reported that turnover dipped a little to £7.9m (US$10.4m, €8.8m) in 2016, down from £8.2m (US$10.8m, €9.1m) the previous year – a fall of 3.7 per cent.

The filing said: “Budget operators (particularly Pure Gym and The Gym Group) are being aggressive with offers such as no joining fees, plus the introduction of group exercise.”

The report goes on to add “political uncertainty is not helping the consumer or staff recruitment” and that the burden of costs is increasing “in particular with rents, wages and business rates”.

Despite 2016 being a “difficult year at a few gyms, the business as a whole is still trading well,” the report said.

Soho Gyms now operates 10 studios but profits after tax dropped 24 per cent to £449,633 (US$590,991, €499,512) last year, from £589,760 (US$775,172, €655,184) in 2015.

Membership numbers were up 1.3 per cent but gym membership income was down 2.5 per cent.

Last year, the group introduced a lower price point at its Farringdon branch, which it said proved “very successful" due to the high population of workers and students in the area. A monthly membership at Farringdon costs £44.99 (US$59.1, €50), whereas at Camden it costs £69.99 (US$92, €77.8).

The group also acquired a Fitness First site in Tower Hill, which has undergone refurbishment, helping numbers rise from “a low 700 members, well into four figures”. Tower Hill uses a similar pricing structure to the Farringdon site.



Connect with
Exercise Professionals
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
Coventry's The Wave set for a phased opening
Coventry's The Wave set for a phased opening   20 Apr 2019

Construction work on The Wave, a £37m indoor water park and leisure centre in Coventry, is in its final stages and the complex will be opened in .... more>>
Finalists revealed for largest ever ukactive Awards
Finalists revealed for largest ever ukactive Awards   18 Apr 2019

Ukactive has revealed the finalists for its annual industry awards. This year's edition is set to be the largest ever and will feature 18 .... more>>
Mytime Active signs signs 40-year leisure deal with Bromley Council
Mytime Active signs signs 40-year leisure deal with Bromley Council   18 Apr 2019

Social enterprise Mytime Active has signed a 40-year deal to run 12 leisure facilities in London on behalf of Bromley Council. The deal will include .... more>>
Body image revealed as theme for 2019 Mental Health Awareness Week
Body image revealed as theme for 2019 Mental Health Awareness Week   17 Apr 2019

The Mental Health Foundation (MHF) has chosen body image as the theme for its Mental Health Awareness Week this year. Taking place from 13 to 19 .... more>>
EMS studio operator Bodystreet adds two locations – targets 200 UK sites by 2025
EMS studio operator Bodystreet adds two locations – targets 200 UK sites by 2025   16 Apr 2019

Fitness studio operator Bodystreet has expanded its UK operations with the opening of two new studios. The franchise-based company has opened sites .... more>>
Rutgers study: is popularity of HIIT behind increase in gym injuries?
Rutgers study: is popularity of HIIT behind increase in gym injuries?   15 Apr 2019

A study on exercise injuries has suggested that people who engage in high-intensity interval training (HIIT) could be putting themselves at greater .... more>>
Company profile


GoCardless

Flexible Direct Debit payments supporting membership subscriptions, pay as you go and one-off payments for add-ons, extra services, products, guest passes, etc.

View full profile>>

Catalogue gallery


Featured Supplier

Elevate and Metro Blind Sport to promote inclusivity through inaugural Charity of the Year partnership

Elevate and Metro Blind Sport to promote inclusivity through inaugural Charity of the Year partnership

Organisers of Elevate, Elite Sport and COPA are delighted to announce Metro Blind Sport as its Charity of the Year partner for the 2019 trade show, held at ExCeL London on 8-9 May. More>>




in this issue

• Deloitte: European fitness growing strongly
• Number of low-cost gyms could double
• Dungeon attraction opens at Alton Towers



Latest jobs

Jobs Search



Personal Trainer
Location: Staffordshire, England
Company: The Gym Group
Personal Trainer - Self Employed
Salary: Fantastic Benefits
Location: London, England
Company: The Gym Group
Personal Trainer
Location: Essex, England
Company: The Gym Group
Personal Trainer / Fitness Trainer Redhill
Salary: Fantastic Benefits
Location: Surrey, England
Company: The Gym Group
Diary dates
Powered by leisurediary.com




24-25 Apr 2019

FUTR (Formerly Millennial 20/20)

Business Design Centre, London, United Kingdom


25 Apr 2019

Meet IAAPA - North America

Bob's Space Racers, Daytona Beach, United States



Health Club Management magazine 2019 issue 4
Health Club Management
2019 issue 4

View issue contents
View on turning pages
Download PDF
  Software: Tech upgrade
From Third Space in London to The Wall in Los Angeles, we look at the latest software partnerships More>>
  Interview: Alex Lewis
When he lost all four limbs to a devastating illness, Lewis could never have imagined he would become an extreme athlete. EMS training is helping his journey More>>


Health Club Management magazine 2019 issue 3

Health Club Management
2019 issue 3

View issue contents
View turning pages
Download PDF
  Research: Fact finding
Leisure-net’s annual Health and fitness Omnibus Survey is in its 15th year. We find out what’s changed since 2002 More>>
  Talking point: Peak boutique
Is the boutique boom reaching the peak of its lifecycle? ukactive CEO Steven Ward asks a panel of experts More>>


Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd