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Exclusive: Xercise4Less tells HCM it's up for sale
POSTED 13 May 2020 . BY Tom Walker
The chain, which operates 51 gyms nationally, is one of a number of gym operators to have been hit hard by the COVID-19 lockdown Credit: Xercise4Less
Budget fitness chain, Xercise4Less, is being sold off by its investors, directors and shareholders, which include the BGF investment fund and Proventus Capital Partners, HCM can reveal.

The chain, which operates 51 gyms across the UK, has been hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort recently to review its position.

Speaking to HCM today, an official spokesperson said: “The directors and owners have reviewed the financial resources of the company and assessed the projected reopening date of our clubs – along with the time needed to rebuild the membership base of the business.

"The decision has been taken to seek additional funds, with the best way of achieving this being to begin a sale process.

"This will enable us to come out of the COVID-19 crisis in a stronger position.”

The move comes less than 18 months after the low-cost operator announced ambitious plans to double in size and have 100 clubs open by 2021.

In May 2018, Xercise4Less secured growth investment of £42m from Proventus, which is debt provider to the company. BGF is understood to have a £21.7m stake, while Jon Wright continues to have an interest in the business.

Founded in 2009 by Wright, Xercise4Less currently has around 250,000 members.

In August 2018 it appointed industry veteran Peter Wright as its new CEO. The company confirmed today that he left the business in January.

Proventus Capital Partners is a 50-year-old, family-owned private investment house based in Stockholm.

In addition to its interests in commerce and finance, it has made a number of moves into the leisure sector, including investments in the East London Pub Co, StayCity and Riviera Travel.

The company was an early investor in The Gym Group and German chain WellYou Fitness.

BGF is a backer of Gym Box.

• Peter Wright gave an interview to HCM in January 2019, outlining his plans for the company. Read the interview here.
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Jobs   News   Products   Magazine
NEWS
Exclusive: Xercise4Less tells HCM it's up for sale
POSTED 13 May 2020 . BY Tom Walker
The chain, which operates 51 gyms nationally, is one of a number of gym operators to have been hit hard by the COVID-19 lockdown Credit: Xercise4Less
Budget fitness chain, Xercise4Less, is being sold off by its investors, directors and shareholders, which include the BGF investment fund and Proventus Capital Partners, HCM can reveal.

The chain, which operates 51 gyms across the UK, has been hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort recently to review its position.

Speaking to HCM today, an official spokesperson said: “The directors and owners have reviewed the financial resources of the company and assessed the projected reopening date of our clubs – along with the time needed to rebuild the membership base of the business.

"The decision has been taken to seek additional funds, with the best way of achieving this being to begin a sale process.

"This will enable us to come out of the COVID-19 crisis in a stronger position.”

The move comes less than 18 months after the low-cost operator announced ambitious plans to double in size and have 100 clubs open by 2021.

In May 2018, Xercise4Less secured growth investment of £42m from Proventus, which is debt provider to the company. BGF is understood to have a £21.7m stake, while Jon Wright continues to have an interest in the business.

Founded in 2009 by Wright, Xercise4Less currently has around 250,000 members.

In August 2018 it appointed industry veteran Peter Wright as its new CEO. The company confirmed today that he left the business in January.

Proventus Capital Partners is a 50-year-old, family-owned private investment house based in Stockholm.

In addition to its interests in commerce and finance, it has made a number of moves into the leisure sector, including investments in the East London Pub Co, StayCity and Riviera Travel.

The company was an early investor in The Gym Group and German chain WellYou Fitness.

BGF is a backer of Gym Box.

• Peter Wright gave an interview to HCM in January 2019, outlining his plans for the company. Read the interview here.
RELATED STORIES
Xercise4Less appoints chief tech officer to lead innovation ahead of expansion


Budget operator Xercise4Less has appointed a chief technology officer to lead the company through a 'digital transformation' ahead of a rapid expansion programme.
Budget chain Xercise4Less plans to double in size by 2021


Low-cost fitness operator Xercise4Less is has revealed plans to double in size and have 100 clubs open by 2021.
FEATURE: Interview: Peter Wright


The new CEO of Xercise4Less – one of the founders of Virgin Active – says the budget operator is gearing up to double in size
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Digme counts down to launch of two new studios
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A government investment of £1.75bn – to pay 50 per cent of rents across the retail, hospitality and leisure sectors for six months – would save 375,000 jobs and offer a return on investment of nearly £7bn.
Spanish gyms win legal fight to reopen after second lockdown
Health clubs and gyms in Catalonia have reopened their doors once for a second time, following a successful legal battle against the local government.
Wales is back in business - gyms, pools and leisure centres reopen their doors
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The rise of the training pod
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Technogym provides a complete range of best-in-class cardiovascular, strength and functional equip [more...]
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Improve your training experience. All your data in a single app. Find out more...
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SPATEC Spring North America

Ritz-Carlton, Miami, United States
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Fairmont Scottsdale Princess, Scottsdale, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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