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JD Gyms buys 50 Xercise4Less clubs out of administration
POSTED 29 Jul 2020 . BY Tom Walker
JD Gyms has acquired 50 of the 51 Xercise4Less gyms Credit: Xercise4Less
JD Gyms has acquired the gym estate of Xercise4Less, following the budget chain calling in administrators.

Xercise4Less ran into financial trouble earlier this year after being hit badly by the COVID-19 lockdowns.

It announced in May that it was being sold off by its investors, directors and shareholders, which included the BGF investment fund and Proventus Capital Partners.

The chain, which operated 51 gyms across the UK, initially brought in restructuring specialist Alan Fort to review its position.

Up until late June, the company was hopeful that a deal could be struck to allow it to continue operations under the Xercise4Less brand.

Those hopes were, however, dashed as its parent company Wright Leisure Topco called in administrators PwC.

The administrators have now confirmed the sale of the business to a subsidiary of JD Sports Gyms Limited (JDG).

The transaction includes the vast majority of the business and assets of the X4L Group, with 50 gyms included in the sale. The only site not included in the deal, the Xercise4Less gym at Wakefield, was closed permanently prior to the administrators being appointed.

All existing Xercise4Less employees have transferred across to the new business and, according to PwC, there will be "no interruption to existing customer memberships".

Alun Peacock, managing director of JD Sports Gyms, said: “We're delighted to have completed this acquisition which enhances our position in the highly competitive gym market and which will ensure the continued employment of many hundreds of people.

"We look forward to re-opening the gyms and welcoming our new colleagues and members, over the coming weeks.”

Toby Underwood, joint administrator and PwC partner, added: “The Xercise4Less had been facing financial difficulties caused by an increasingly competitive market, which was exacerbated by Covid-19.

"Following our appointment, we immediately completed a sales process that had been running for some time.

“This sale puts the ongoing business on a firmer financial footing and JDG will be working with the existing team to continue to grow and develop the new business."
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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
JD Gyms buys 50 Xercise4Less clubs out of administration
POSTED 29 Jul 2020 . BY Tom Walker
JD Gyms has acquired 50 of the 51 Xercise4Less gyms Credit: Xercise4Less
JD Gyms has acquired the gym estate of Xercise4Less, following the budget chain calling in administrators.

Xercise4Less ran into financial trouble earlier this year after being hit badly by the COVID-19 lockdowns.

It announced in May that it was being sold off by its investors, directors and shareholders, which included the BGF investment fund and Proventus Capital Partners.

The chain, which operated 51 gyms across the UK, initially brought in restructuring specialist Alan Fort to review its position.

Up until late June, the company was hopeful that a deal could be struck to allow it to continue operations under the Xercise4Less brand.

Those hopes were, however, dashed as its parent company Wright Leisure Topco called in administrators PwC.

The administrators have now confirmed the sale of the business to a subsidiary of JD Sports Gyms Limited (JDG).

The transaction includes the vast majority of the business and assets of the X4L Group, with 50 gyms included in the sale. The only site not included in the deal, the Xercise4Less gym at Wakefield, was closed permanently prior to the administrators being appointed.

All existing Xercise4Less employees have transferred across to the new business and, according to PwC, there will be "no interruption to existing customer memberships".

Alun Peacock, managing director of JD Sports Gyms, said: “We're delighted to have completed this acquisition which enhances our position in the highly competitive gym market and which will ensure the continued employment of many hundreds of people.

"We look forward to re-opening the gyms and welcoming our new colleagues and members, over the coming weeks.”

Toby Underwood, joint administrator and PwC partner, added: “The Xercise4Less had been facing financial difficulties caused by an increasingly competitive market, which was exacerbated by Covid-19.

"Following our appointment, we immediately completed a sales process that had been running for some time.

“This sale puts the ongoing business on a firmer financial footing and JDG will be working with the existing team to continue to grow and develop the new business."
RELATED STORIES
Exclusive: Xercise4Less deal to be completed when gyms open


Budget fitness chain, Xercise4Less, will have a new shareholding set-up and financing structure by the time the UK's gyms are allowed to open their doors to customers.
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.
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.
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Members flock to gyms at midnight as the industry reopens
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COVID-19 impact report: gyms 'prioritised' in all three tiers due to fear of falling physical activity levels
The UK government has published its impact report for the three-tier COVID-19 alert system, which will be introduced in England tomorrow (2 December), when the one-month long national lockdown comes to an end.
Chris Whitty: physical activity must play key role in nation’s recovery
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01-02 Dec 2020

MIPIM Asia Summit

Grand Hyatt Hotel, Hong Kong SAR
01-03 Dec 2020

Self-Care and Personal Sustainability Summit

Kripalu Center for Yoga and Health, Massachusetts, 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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