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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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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
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Arena gets US$5.2m seed financing to enter connected strength training market
Fitness startup Arena Innovation has secured US$5.2m worth of seed funding, as it looks to launch its robotically-assisted resistance training product to the market.
EuropeActive to publish new study on COVID-19 cases and health club visits
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FEATURED SUPPLIERS

Introducing the Official Hammer Strength Box: a complete small group training solution
With gyms reopening as the fitness industry recovers from the impact of the pandemic, members are seeking social interaction and engaging training experiences in a small group setting. [more...]

How are hundreds of gym operators suddenly saving a lot of money for doing a lot less work?
Let’s talk about Orbit4 – the secret behind successful gyms. [more...]
+ More featured suppliers  
COMPANY PROFILES
Crown Sports Lockers

We design, manufacture and install bespoke timber furniture, including lockers, vanities, bench se [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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PENDEX | Simply Ingenious
It trains humans better than humans train humans. Find out more...
+ More videos  

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+ More directory  
DIARY

 

24-25 Jul 2021

Active Aging Summit

Online / virtual, United States
25-26 Jul 2021

The Les Nouvelles Esthetiques Spa Conference 2021

The Houghton Hotel, Johannesburg, South Africa
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2021

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