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Exclusive: Xercise4Less deal to be completed when gyms open
POSTED 23 Jun 2020 . BY Tom Walker
The chain, which operates 51 gyms across the UK, was put up for sale in May 2020 Credit: Xercise4Less
Budget fitness chain, Xercise4Less, will have a new ownership structure and financing set-up by the time the UK's gyms are allowed to open their doors to customers.

The chain, which operates 51 gyms across the UK, was put up for sale in May 2020 by its current investors, directors and shareholders, which include the BGF Investment Fund and Proventus Capital Partners.

Speaking to HCM today, a spokesperson for Xercise4Less said a deal was being completed in time for the reopening of the fitness industry. The exact makeup of the shareholding structure and the new funding arrangements have not been revealed, nor has the mechanism by which this has been achieved.

"We're pleased to announce the sale process has finished and the transaction will complete when the gyms reopen, at which time we will be able to share more details,” the spokesperson said.

The decision to look for a new owner was made after Xercise4Less was hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort to review its position.

In 2018, the company announced ambitious plans to double in size and have 100 clubs open by 2021.

That same year, it 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.

• Peter Wright, the former Xercise4Less CEO who left the company in January 2020, gave an interview to HCM in January 2019, outlining his plans for the company. Read the interview here.
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Exclusive: Xercise4Less tells HCM it's up for sale


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.
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Jobs   News   Products   Magazine
NEWS
Exclusive: Xercise4Less deal to be completed when gyms open
POSTED 23 Jun 2020 . BY Tom Walker
The chain, which operates 51 gyms across the UK, was put up for sale in May 2020 Credit: Xercise4Less
Budget fitness chain, Xercise4Less, will have a new ownership structure and financing set-up by the time the UK's gyms are allowed to open their doors to customers.

The chain, which operates 51 gyms across the UK, was put up for sale in May 2020 by its current investors, directors and shareholders, which include the BGF Investment Fund and Proventus Capital Partners.

Speaking to HCM today, a spokesperson for Xercise4Less said a deal was being completed in time for the reopening of the fitness industry. The exact makeup of the shareholding structure and the new funding arrangements have not been revealed, nor has the mechanism by which this has been achieved.

"We're pleased to announce the sale process has finished and the transaction will complete when the gyms reopen, at which time we will be able to share more details,” the spokesperson said.

The decision to look for a new owner was made after Xercise4Less was hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort to review its position.

In 2018, the company announced ambitious plans to double in size and have 100 clubs open by 2021.

That same year, it 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.

• Peter Wright, the former Xercise4Less CEO who left the company in January 2020, gave an interview to HCM in January 2019, outlining his plans for the company. Read the interview here.
RELATED STORIES
Exclusive: Xercise4Less tells HCM it's up for sale


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.
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
MORE NEWS
The Gym Group expects to be in profit on reopening
Publicly listed operator, The Gym Group (TGG) says it has retained 80 per cent of its members during lockdown, while internal research shows it expects 92 per cent to return.
European operations helped PureGym survive losses of £4m a week during lockdown
PureGym's operations in Europe have helped the business through lockdown, according to CEO Humphrey Cobbold.
Here are the COVID-19 operating guidelines you've been waiting for: government publishes standards for gyms, spas and sport
Following its announcement that grassroots sport could restart on 11 July and that gyms and spas could also reopen during July, the government has published operational guidance for those working across the reopening sectors.
ukactive creates steering group for independent gym operators
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Announcement on gym and spa reopening dates expected at 5.00pm today
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FEATURED SUPPLIERS

Let's get restarted: Physical Company offers advice on keeping gym members safe
As countries around the world gear up to relax their lockdown rules, there remains a question mark over gyms and studios, which in many markets will be one of the last sectors to be given the green light. [more...]

EGYM presents Corona Gym Solution, for the successful re-opening of fitness studios
Finally, the time has come: fitness and health facilities around the globe are gradually resuming operations. [more...]
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We design, manufacture and install bespoke timber furniture, including lockers, vanities, bench se [more...]
+ More profiles  
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+ More catalogues  

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Improve your training experience. All your data in a single app. Find out more...
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+ More directory  
DIARY

 

16-17 Jul 2020

APSWC Round Table 2020

Naman Resort, Da Nang, Vietnam
03-05 Aug 2020

World Fitness & Wellness Summit

Raffles City Convention Centre, Singapore
+ More diary  
 


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Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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