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The Gym Group posts stunning results in return to trading
POSTED 26 May 2021 . BY Tom Walker
All of the Gym Group 187 sites are now back trading Credit: The Gym Group
With membership levels growing strongly, we are building our pipeline of new gyms to take advantage of what we see as a unique opportunity to extend affordable fitness
– Richard Darwin
The Gym Group has outperformed all of its own expectations in the six weeks of operations since reopening
The group said there had been "strong demand for the return to gyms" since lockdown
Total membership increased from 547,000 at the end of February 2021 to 729,000 by 24 May 2021
Gym Group has opened four new gyms since 12 April 2021 and looks to expand further in 2021 and 2022
The Gym Group has outperformed all of its own expectations in the six weeks of operations since reopening its 180+ clubs.

The group said there had been "strong demand for the return to gyms" since lockdown restrictions on gyms were eased across the UK – starting with England on 12 April – resulting in total membership increasing from 547,000 at the end of February 2021 to 729,000 by 24 May 2021.

Members' keenness to get back on the gym floor is also reflected in gym visit data being "extremely strong". The average number of visits per member per week since reopening stands at 1.5 – compared with 1.1 for the comparative period in 2019.

All of the Gym Group sites are back trading and all of its members are now paying, with the free freeze option having been removed upon re-opening.

Encouragingly, member satisfaction scores are significantly higher than pre-COVID-19 levels, reflecting positive feedback from members on safety and cleanliness protocols.

Gym Group has opened four new gyms since 12 April 2021 – in Chichester, York, Cambridge and London Sydenham, taking the total estate to 187.

According to Richard Darwin, CEO, all of the four new gyms are performing "extremely well" and have grown strong levels of membership despite a limited pre-sale marketing period.

“Our members are delighted to be working out in the gym once more with visits per member and new joiner sign-up rates at record levels," Darwin said, adding that the group had commenced discussions with lending banks to increase its financial flexibility as it looks to accelerate its new site opening programme.

"With membership levels growing strongly, we are building our pipeline of new gyms to take advantage of what we see as a unique opportunity to extend affordable fitness to even more locations across the UK,” Darwin said.

Gym Group's net debt at the end of April was £63.1m, with outstanding deferred rent and VAT of a further £9.4m, versus a total bank facility of £100m.

Darwin added: "At current levels of membership, in May we expect to be cash-flow positive – pre-expansionary capex – and therefore expect to generate cash flow towards our new site rollout."
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Jobs   News   Products   Magazine
NEWS
The Gym Group posts stunning results in return to trading
POSTED 26 May 2021 . BY Tom Walker
All of the Gym Group 187 sites are now back trading Credit: The Gym Group
With membership levels growing strongly, we are building our pipeline of new gyms to take advantage of what we see as a unique opportunity to extend affordable fitness
– Richard Darwin
The Gym Group has outperformed all of its own expectations in the six weeks of operations since reopening
The group said there had been "strong demand for the return to gyms" since lockdown
Total membership increased from 547,000 at the end of February 2021 to 729,000 by 24 May 2021
Gym Group has opened four new gyms since 12 April 2021 and looks to expand further in 2021 and 2022
The Gym Group has outperformed all of its own expectations in the six weeks of operations since reopening its 180+ clubs.

The group said there had been "strong demand for the return to gyms" since lockdown restrictions on gyms were eased across the UK – starting with England on 12 April – resulting in total membership increasing from 547,000 at the end of February 2021 to 729,000 by 24 May 2021.

Members' keenness to get back on the gym floor is also reflected in gym visit data being "extremely strong". The average number of visits per member per week since reopening stands at 1.5 – compared with 1.1 for the comparative period in 2019.

All of the Gym Group sites are back trading and all of its members are now paying, with the free freeze option having been removed upon re-opening.

Encouragingly, member satisfaction scores are significantly higher than pre-COVID-19 levels, reflecting positive feedback from members on safety and cleanliness protocols.

Gym Group has opened four new gyms since 12 April 2021 – in Chichester, York, Cambridge and London Sydenham, taking the total estate to 187.

According to Richard Darwin, CEO, all of the four new gyms are performing "extremely well" and have grown strong levels of membership despite a limited pre-sale marketing period.

“Our members are delighted to be working out in the gym once more with visits per member and new joiner sign-up rates at record levels," Darwin said, adding that the group had commenced discussions with lending banks to increase its financial flexibility as it looks to accelerate its new site opening programme.

"With membership levels growing strongly, we are building our pipeline of new gyms to take advantage of what we see as a unique opportunity to extend affordable fitness to even more locations across the UK,” Darwin said.

Gym Group's net debt at the end of April was £63.1m, with outstanding deferred rent and VAT of a further £9.4m, versus a total bank facility of £100m.

Darwin added: "At current levels of membership, in May we expect to be cash-flow positive – pre-expansionary capex – and therefore expect to generate cash flow towards our new site rollout."
RELATED STORIES
Pandemic cuts The Gym Group's revenues by half, but company eyes return to growth


The Gym Group saw its revenues cut by nearly half during the pandemic, a direct result of the group losing 45 per cent of its trading days during 2020.
The Gym Group has created '£1.8bn in social value' since 2016


Budget fitness operator The Gym Group has generated £1.8bn in social value since 2016.
FEATURE: Interview: Richard Darwin


The CEO of The Gym Group talks about the impact of COVID-19 and how the business is innovating to stay ahead
Gym Group brings in Wais Shaifta and Rio Ferdinand as non-execs and eyes expansion


The Gym Group has brought in Wais Shaifta and Rio Ferdinand as non-executive directors, signalling a broadening of its remit, new horizons and an intention to continue to refine and expand its member offering.
MORE NEWS
European health club revenues fell by a third in 2020
The number of active memberships across European health clubs fell by roughly 10 million – or 15.4 per cent – during 2020, a year defined by the pandemic.
Peloton launches Corporate Wellness platform
Peloton is expanding its reach within the online fitness market with the launch of a new Corporate Wellness platform.
Calories don't count – but the way a body absorbs them does
Dr Giles Yeo, a geneticist at Cambridge University in the UK, has written a new book in which he makes the case that the current approach to understanding calories is "entirely wrong".
Memberships for new virtual personal training app, Wrkout, 'sell out in a day'
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Premier Software Solutions Ltd

Premier Software is a privately-owned UK-based company. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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Technogym - Mywellness App 5.0
Mywellness helps you assess customer needs, provide great workouts and programmes, guarantee a training spot on the gym floor, offer group training, track indoor and outdoor workouts - even with 3rd party apps. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

21-23 Jun 2021

World Spa & Wellness Asia Online Conference

Online,
24-24 Jun 2021

Post Covid Recovery Conference

Vrtual,
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2021

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