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Exclusive: Xercise4Less tells HCM it's up for sale
13 May 2020 . BY Tom Walker
The chain, which operates 51 gyms nationally, is one of a number of gym operators to have been hit hard by the COVID-19 lockdown
Photo: Xercise4Less
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.

The chain, which operates 51 gyms across the UK, has been hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort recently to review its position.

Speaking to HCM today, an official spokesperson said: “The directors and owners have reviewed the financial resources of the company and assessed the projected reopening date of our clubs – along with the time needed to rebuild the membership base of the business.

"The decision has been taken to seek additional funds, with the best way of achieving this being to begin a sale process.

"This will enable us to come out of the COVID-19 crisis in a stronger position.”

The move comes less than 18 months after the low-cost operator announced ambitious plans to double in size and have 100 clubs open by 2021.

In May 2018, Xercise4Less 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.

Founded in 2009 by Wright, Xercise4Less currently has around 250,000 members.

In August 2018 it appointed industry veteran Peter Wright as its new CEO. The company confirmed today that he left the business in January.

Proventus Capital Partners is a 50-year-old, family-owned private investment house based in Stockholm.

In addition to its interests in commerce and finance, it has made a number of moves into the leisure sector, including investments in the East London Pub Co, StayCity and Riviera Travel.

The company was an early investor in The Gym Group and German chain WellYou Fitness.

BGF is a backer of Gym Box.

• Peter Wright 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
PRODUCT NEWS
Exclusive: Xercise4Less tells HCM it's up for sale
13 May 2020 . BY Tom Walker
The chain, which operates 51 gyms nationally, is one of a number of gym operators to have been hit hard by the COVID-19 lockdown
Photo: Xercise4Less
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.

The chain, which operates 51 gyms across the UK, has been hit by the COVID-19 lockdown and the owners brought in restructuring specialist Alan Fort recently to review its position.

Speaking to HCM today, an official spokesperson said: “The directors and owners have reviewed the financial resources of the company and assessed the projected reopening date of our clubs – along with the time needed to rebuild the membership base of the business.

"The decision has been taken to seek additional funds, with the best way of achieving this being to begin a sale process.

"This will enable us to come out of the COVID-19 crisis in a stronger position.”

The move comes less than 18 months after the low-cost operator announced ambitious plans to double in size and have 100 clubs open by 2021.

In May 2018, Xercise4Less 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.

Founded in 2009 by Wright, Xercise4Less currently has around 250,000 members.

In August 2018 it appointed industry veteran Peter Wright as its new CEO. The company confirmed today that he left the business in January.

Proventus Capital Partners is a 50-year-old, family-owned private investment house based in Stockholm.

In addition to its interests in commerce and finance, it has made a number of moves into the leisure sector, including investments in the East London Pub Co, StayCity and Riviera Travel.

The company was an early investor in The Gym Group and German chain WellYou Fitness.

BGF is a backer of Gym Box.

• Peter Wright gave an interview to HCM in January 2019, outlining his plans for the company. Read the interview here.
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myFitApp launches branded live-streaming as part of its COVID-19 support package
Innovatise, the company behind myFitApp, has announced the immediate availability of its customer- branded live-streaming solution.
EGYM presents Corona Gym Solution, for the successful re-opening of fitness studios
Finally, the time has come: fitness and health facilities around the globe are gradually resuming operations.
Bicester hotel opens purpose-built performance facilities to attract new target audience
The Bicester Hotel and Spa has launched purpose-built fitness and performance facilities to create a standalone, unique offering to attract a new demographic to the site.
EGYM launches digital functionality to help gyms adjust to a post lockdown world
As Governments turn attention to a lockdown exit strategy, the world is bracing itself for a ‘new norm’ where social distancing and heightened hygiene requirements become a part of daily life.
Adidas calls on BLK BOX for flooring solutions at new World of Sports complex
Adidas believes that creators, just like athletes, need an environment that inspires their employees to perform and believe that through sport, we have the power to change lives.
Gympass partners with Wexer to launch on-demand workouts for operators
Gympass has launched Gympass Plus - including an on-demand platform powered by Wexer - for its 2,200+ operator partners. The platform comprises more than 500 workouts from 18 content providers including Zumba and Gaiam.
What’s your Covid-19 exit strategy? How will you use this time to relaunch your business to thrive, not just survive
There is no escaping the fact that we are operating in extraordinary times. Our physical health clubs, gyms and studios are closed and we’re trying to keep our membership engaged, fit and healthy via online and digital training.
Incorpore and MoveGB ink groundbreaking partnership to transform corporate wellness offering
Incorpore and MoveGB have entered into a landmark partnership, combining the UK’s largest provider of corporate gym memberships with the nation’s biggest network of classes.
fibodo launches Fit 4 the Fight initiative to keep people active in the wake of the coronavirus
fibodo, a booking management platform for the fitness industry, has launched Fit 4 the Fight, a new initiative encouraging members of the public to keep active, as well as keep personal trainers and fitness operators working in the wake of the coronavirus.
Crown collaborates on £2m luxury spa at Torbay’s Lincombe Hall hotel
Boutique AA 4-star destination Lincombe Hall Hotel, Torquay, has expanded its leisure provision by unveiling a £2m designated luxury spa.
Aberdeen Sports Village puts digital connectivity at its core
The newly refurbished Aberdeen Sports Village (ASV) has undergone a £500,000 overhaul to enable it to offer a stronger user experience with digital connectivity at its core.
Precor launches online resources to help operators keep members engaged in the wake of coronavirus lockdowns
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Healthcheck Services supply and install leading health kiosks throughout the whole of the UK and a [more...]
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+ More catalogues  

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MyZone - How to use the MZ-Bodyscan
The Best Product for the Best Clubs Find out more...
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02-05 Jun 2020

MIPIM

Palais des Festivals, Cannes, France
04 Jun 2020

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Marriott Forest of Arden Hotel & Country Club, Birmingham, United Kingdom
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ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS