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Pure Gym negotiates additional £150m liquidity
POSTED 11 Sep 2020 . BY Tom Walker
The budget operator said the additional cash will be used to bolster its balance sheet and to open new gym sites when the right opportunities arise Credit: Pure Gym

Credit: Pure Gym
This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”
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NEWS
Pure Gym negotiates additional £150m liquidity
POSTED 11 Sep 2020 . BY Tom Walker
The budget operator said the additional cash will be used to bolster its balance sheet and to open new gym sites when the right opportunities arise Credit: Pure Gym
Credit: Pure Gym
This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”
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Pure Gym's overseas clubs were back in profit within a month of reopening


Pure Gym's overseas clubs returned to pre-COVID-19 profit levels in the first month of trading after reopening, according to the company's Q2 2020 financial results, which are out today.
FEATURE: App analysis: PureGym


Lucian Weston developed PureGym’s app in-house to ensure it met member needs. He tells Fit Tech about the journey
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miha bodytec EMS-PT: an irresistible way to boost your in-club offer
Post pandemic, technology continues to shape the way consumers access fitness. Apps and wearables are helping people reach their goals while digital offerings – which grew exponentially during lockdowns – continue to thrive. [more...]

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...]
+ More featured suppliers  
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Xn Leisure Systems Ltd

Xn Leisure is a provider of cutting-edge health and fitness software, offering an exceptional servic [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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Retrofit London partners with Technogym to create high energy formats
Retrofit London creates personalised experience, premium service and sensational classes in partnership with Technogym Find out more...
+ More videos  

DIRECTORY
+ More directory  
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24-25 Jul 2021

Active Aging Summit

Online / virtual, United States
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The Les Nouvelles Esthetiques Spa Conference 2021

The Houghton Hotel, Johannesburg, South Africa
+ More diary  
 


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