PRODUCT NEWS
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| JD Gyms buys 50 Xercise4Less clubs out of administration |
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| 29 Jul 2020 . BY Tom Walker |
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| JD Gyms has acquired 50 of the 51 Xercise4Less gyms / Xercise4Less |
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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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