Get HCM digital magazine and ezines FREE
Sign up here ▸
Jobs   News   Features   Products   Magazine      Advertise  
NEWS
PureGym sees member sign-ups, revenues, EBITDA profits grow and losses reduce as it gears up for refinancing in 2025
POSTED 01 Sep 2023 . BY Tom Walker
Pure Gym said the increase in members helped revenue increase by 16.7 per cent Credit: Pure Gym
PureGym added 190,000 new members in first half of 2023
The UK's largest gym chain saw its EBITDA increase from £81.4m in 2022 to £95.7m in the six months to 30 June 2023
PureGym said the increase in members helped revenue increase by 16.7 per cent to £271.6m for the first six months of 2023
Operating profit for the six month period was £39.7m, up from £27.8m in 2022, while overall losses reduced from £41.4m in H1 2022 to £25.9m this year.
PureGym added 190,000 new members in the first half of 2023 when compared with H1 2022, taking the total number of members across its clubs from 1,655,555 to 1,840,000*.

As a result, the UK's largest gym chain saw its gym-site-adjusted EBITDA increase from £81.4m in 2022 to £95.7m in the six months to 30 June 2023.

Reporting its Q2 and H1 results, PureGym said the increase in members helped revenue increase by 16.7 per cent to £271.6m for the first six months of 2023 – compared to £232.8m for the same period in 2022.

As well as the 11.4 per cent increase in members, the revenue drive was helped by a 5.0 per cent increase in the average revenue per member, which PureGym said resulted from price increases in existing gyms, the maturation of existing less mature gyms and the opening of 57 new corporate-owned gyms in the period from 1 July 2022 to 30 June 2023.

The company also opened 12 new franchises in the first half of 2023, as it quietly builds its global franchise model following openings in the US, Dubai and Saudi Arabia. It's also targeting Japan, South East Asia, China, India and North Africa. The company has set its sights on opening 130 clubs in the Middle East.

The maturation of clubs meant that the average number of members per site increased from 3,226 to 3,307 between H1 2022 and H1 2023.

Operating profit for the six-month period was £39.7m, up from £27.8m in 2022.

At the end of June 2023, PureGym had 566 corporate-owned gyms (up from 521 in 2022) across three markets – UK, Denmark, Switzerland and the US – and 16 franchised gyms (four in 2022) in the Middle East (Saudi Arabia and the UAE).
https://www.healthclubmanagement.co.uk/health-club-management-news/PureGym-to-hit-50-new-openings-in-2022-as-Q2-revenues-exceed-pre-pandemic-levels-Humphrey-Cobbold/349987?source=search
The group opened 22 new corporate-owned sites in the first half of 2023, compared to 17 in the same period in 2022.

Despite the strong growth in trading, the group reported overall losses of £25.9m for the six months to 30 June 2023 – although these were down significantly from the loss of £41.4m in the same six-month period in 2022.

Losses were due to a variety of factors, including interest on its borrowings, which were up from £562.1 million in 2022 to £643 million in the first six months of this year.

Operating expenses also increased by 15.0 per cent (to £161.0m) for the six months ended 30 June 2023 (£140.0m in 2022), which the company attributes to the increase in the number of corporate-owned gym sites, an inflationary uplift in its operating cost base and investments in its head office, made "in preparation for the next phase of growth in the business".

During the period, there were also exceptional costs incurred through the rebranding of the Danish estate from Fitness World to PureGym and various other extraordinary costs, such as £500k on lease modifications.

As at 30 June 2023, the PureGym had cash and cash equivalents of £211.1m – including £30.9m held by the parent company, Pinnacle Topco Limited.

It also has access to undrawn facilities of £145m, giving total liquidity headroom of £356.1m – down from £429.8m in June 2022.

Commenting on its results, CEO, Humphrey Cobbold said: "The current macro-environment remains a challenging time for all, but the business has continued to perform well against this backdrop with strong and accelerating momentum in the first half of the year.

"The group has a robust capital and liquidity position, with £211m of cash on the balance sheet and £356m of available liquidity at 30 June 2023.

"This, coupled with the support of its key shareholders, Leonard Green & Partners LP and KKR, puts the Group in a good position to fund expansion and investment in its estate, while also being well placed to explore refinancing options in advance of the maturity of its Senior Secured Notes in February 2025."

In April 2022, PureGym revealed it planned to more than double in size by 2030, increasing the size of its portfolio to 1,000 locations.

* PureGym reached 1.7 million members at the end of February 2022, when it regained its pre-pandemic numbers.
RELATED STORIES
  Pure Gym’s new over 50s competition will focus on athletic performance


Pure Gym has launched a fitness championships dedicated to the over-50s with a strong emphasis on athletic performance.
MORE NEWS
JD Gyms acquires Simply Gym as it targets 100 locations
The JD Gyms Group has completed a deal to acquire Simply Gym from Bay Leisure. The deal comprises four gyms: one in Greater London and three in South Wales.
Baz Moffat gets 'sweat equity' backing from Priya Oberoi to drive the growth of The Well HQ
Women’s health specialist, The Well HQ, has secured 'sweat equity' backing from Priya Oberoi, founder of venture capitalists, Goddess Gaia Ventures, who will take on a senior advisory role with the business.
Peloton buys time for a turnaround with US$1 billion loan
Peloton has secured a critical US$1bn five-year loan to shore up its finances.
Dean Kowarski, global CEO of Virgin Active, will keynote at HCM Summit 2024
Leisure Media has added another heavyweight to its line-up of CEOs for its inaugural HCM Summit this October. Dean Kowarski will talk about the intersection of fitness and nutrition.
+ More news   
LATEST JOBS
Fitness Instructor
University of Brighton
Salary: £23,144 to £25,138pa
Job location: Brighton, East Sussex , United Kingdom
Fitness Motivator and Personal Trainer
Everyone Active
Salary:
Job location: Bristol
+ More jobs  

FEATURED SUPPLIERS

Group exercise complaints now a thing of the past for Reynolds Group
Complaints about group exercise have become a thing of the past for the Reynolds Group thanks to its partnership with CoverMe, a digital platform that simplifies group exercise and PT management for clubs and instructors. [more...]

W3Fit EMEA’s innovative programme sets sail for Sardinia, Italy
Following a hugely successful event last year in Split, Croatia, W3Fit EMEA, is heading to the Chia Laguna resort in Sardinia from 8-11 October. [more...]
+ More featured suppliers  
COMPANY PROFILES
Precor

Precor has been a pioneer in delivering fitness experiences for commercial customers for more than 4 [more...]
Serco Leisure

Serco Leisure Operating Limited is one of the UK’s leading national operators of leisure centres, de [more...]
+ More profiles  
CATALOGUE GALLERY
 
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
30 May - 02 Jun 2024

Rimini Wellness

Rimini Exhibition Center, Rimini, Italy
+ More diary  
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
HCM
LEISURE OPPORTUNITIES
HEALTH CLUB HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024
Get HCM digital magazine and ezines FREE
Sign up here ▸
Jobs    News   Products   Magazine
NEWS
PureGym sees member sign-ups, revenues, EBITDA profits grow and losses reduce as it gears up for refinancing in 2025
POSTED 01 Sep 2023 . BY Tom Walker
Pure Gym said the increase in members helped revenue increase by 16.7 per cent Credit: Pure Gym
PureGym added 190,000 new members in first half of 2023
The UK's largest gym chain saw its EBITDA increase from £81.4m in 2022 to £95.7m in the six months to 30 June 2023
PureGym said the increase in members helped revenue increase by 16.7 per cent to £271.6m for the first six months of 2023
Operating profit for the six month period was £39.7m, up from £27.8m in 2022, while overall losses reduced from £41.4m in H1 2022 to £25.9m this year.
PureGym added 190,000 new members in the first half of 2023 when compared with H1 2022, taking the total number of members across its clubs from 1,655,555 to 1,840,000*.

As a result, the UK's largest gym chain saw its gym-site-adjusted EBITDA increase from £81.4m in 2022 to £95.7m in the six months to 30 June 2023.

Reporting its Q2 and H1 results, PureGym said the increase in members helped revenue increase by 16.7 per cent to £271.6m for the first six months of 2023 – compared to £232.8m for the same period in 2022.

As well as the 11.4 per cent increase in members, the revenue drive was helped by a 5.0 per cent increase in the average revenue per member, which PureGym said resulted from price increases in existing gyms, the maturation of existing less mature gyms and the opening of 57 new corporate-owned gyms in the period from 1 July 2022 to 30 June 2023.

The company also opened 12 new franchises in the first half of 2023, as it quietly builds its global franchise model following openings in the US, Dubai and Saudi Arabia. It's also targeting Japan, South East Asia, China, India and North Africa. The company has set its sights on opening 130 clubs in the Middle East.

The maturation of clubs meant that the average number of members per site increased from 3,226 to 3,307 between H1 2022 and H1 2023.

Operating profit for the six-month period was £39.7m, up from £27.8m in 2022.

At the end of June 2023, PureGym had 566 corporate-owned gyms (up from 521 in 2022) across three markets – UK, Denmark, Switzerland and the US – and 16 franchised gyms (four in 2022) in the Middle East (Saudi Arabia and the UAE).
https://www.healthclubmanagement.co.uk/health-club-management-news/PureGym-to-hit-50-new-openings-in-2022-as-Q2-revenues-exceed-pre-pandemic-levels-Humphrey-Cobbold/349987?source=search
The group opened 22 new corporate-owned sites in the first half of 2023, compared to 17 in the same period in 2022.

Despite the strong growth in trading, the group reported overall losses of £25.9m for the six months to 30 June 2023 – although these were down significantly from the loss of £41.4m in the same six-month period in 2022.

Losses were due to a variety of factors, including interest on its borrowings, which were up from £562.1 million in 2022 to £643 million in the first six months of this year.

Operating expenses also increased by 15.0 per cent (to £161.0m) for the six months ended 30 June 2023 (£140.0m in 2022), which the company attributes to the increase in the number of corporate-owned gym sites, an inflationary uplift in its operating cost base and investments in its head office, made "in preparation for the next phase of growth in the business".

During the period, there were also exceptional costs incurred through the rebranding of the Danish estate from Fitness World to PureGym and various other extraordinary costs, such as £500k on lease modifications.

As at 30 June 2023, the PureGym had cash and cash equivalents of £211.1m – including £30.9m held by the parent company, Pinnacle Topco Limited.

It also has access to undrawn facilities of £145m, giving total liquidity headroom of £356.1m – down from £429.8m in June 2022.

Commenting on its results, CEO, Humphrey Cobbold said: "The current macro-environment remains a challenging time for all, but the business has continued to perform well against this backdrop with strong and accelerating momentum in the first half of the year.

"The group has a robust capital and liquidity position, with £211m of cash on the balance sheet and £356m of available liquidity at 30 June 2023.

"This, coupled with the support of its key shareholders, Leonard Green & Partners LP and KKR, puts the Group in a good position to fund expansion and investment in its estate, while also being well placed to explore refinancing options in advance of the maturity of its Senior Secured Notes in February 2025."

In April 2022, PureGym revealed it planned to more than double in size by 2030, increasing the size of its portfolio to 1,000 locations.

* PureGym reached 1.7 million members at the end of February 2022, when it regained its pre-pandemic numbers.
RELATED STORIES
Pure Gym’s new over 50s competition will focus on athletic performance


Pure Gym has launched a fitness championships dedicated to the over-50s with a strong emphasis on athletic performance.
MORE NEWS
JD Gyms acquires Simply Gym as it targets 100 locations
The JD Gyms Group has completed a deal to acquire Simply Gym from Bay Leisure. The deal comprises four gyms: one in Greater London and three in South Wales.
Baz Moffat gets 'sweat equity' backing from Priya Oberoi to drive the growth of The Well HQ
Women’s health specialist, The Well HQ, has secured 'sweat equity' backing from Priya Oberoi, founder of venture capitalists, Goddess Gaia Ventures, who will take on a senior advisory role with the business.
Peloton buys time for a turnaround with US$1 billion loan
Peloton has secured a critical US$1bn five-year loan to shore up its finances.
Dean Kowarski, global CEO of Virgin Active, will keynote at HCM Summit 2024
Leisure Media has added another heavyweight to its line-up of CEOs for its inaugural HCM Summit this October. Dean Kowarski will talk about the intersection of fitness and nutrition.
Empowered Brands takes on Fit+ master franchise for UK and Ireland
Empowered Brands has signed a deal with European staffless gym chain, Fit+, to be the master franchisor in the UK and Ireland.
PureGym hits the two million member milestone and targets 200 more locations in Europe in next four years
Speaking in the HCM Handbook 2024-2025, which will be out next month, PureGym managing director, Rebecca Passmore, says the company is on track to deliver on its global expansion plans.
+ More news   
 
FEATURED SUPPLIERS

Group exercise complaints now a thing of the past for Reynolds Group
Complaints about group exercise have become a thing of the past for the Reynolds Group thanks to its partnership with CoverMe, a digital platform that simplifies group exercise and PT management for clubs and instructors. [more...]

W3Fit EMEA’s innovative programme sets sail for Sardinia, Italy
Following a hugely successful event last year in Split, Croatia, W3Fit EMEA, is heading to the Chia Laguna resort in Sardinia from 8-11 October. [more...]
+ More featured suppliers  
COMPANY PROFILES
Precor

Precor has been a pioneer in delivering fitness experiences for commercial customers for more than 4 [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
30 May - 02 Jun 2024

Rimini Wellness

Rimini Exhibition Center, Rimini, Italy
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS