PRODUCT NEWS
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| PureGym acquires Soho Gyms |
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| 22 Jun 2018 . BY Tom Walker |
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| All 10 Soho Gyms are located in London / Soho Gyms |
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This deal will clearly benefit our existing members
– Humphrey Cobbold |
PureGym has completed the acquisition of Soho Gyms and its 10 clubs, all of which are based in prime London locations.
The move comes after Soho Gyms has been feeling the pressure of budget chains and boutique gyms muscling in on the London market – an issue the privately-owned company had mentioned in its accounts filed last year.
PureGym has already confirmed plans to convert all of the Soho Gyms sites into PureGym sites through a rolling refurbishment programme – signalling the end to the Soho Gyms brand. The chain was founded in 1994, with the opening of the Soho Athletic Club in Covent Garden.
In a statement, PureGym said the process of rebranding will be similar to the way it integrated the LA Fitness business, which it acquired in 2015.
The transaction will bring the number of sites in PureGym’s London estate (sites within M25) to 59.
“This deal will clearly benefit our existing members as well as provide more affordable and flexible options to people across London," said Humphrey Cobbold, PureGym CEO.
Michael Crockett, managing director of Soho Gyms, added: “PureGym offers a highly attractive and flexible proposition and its popularity is evidenced by strong growth in both members and sites.
"I’m confident that our members will benefit from the combination and that PureGym’s investment across the estate will further enhance the services our sites deliver.”
Launched in November 2009, PureGym has grown rapidly and is now the UK's largest fitness chain. It reached one million members in February this year – a milestone never previously achieved by a UK gym group – and opened its 200th UK site a month later.
In addition to the acquisition of Soho Gyms, PureGym plans to open another 20 gyms a year.
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