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JD Gyms buys 50 Xercise4Less clubs out of administration
29 Jul 2020 . BY Tom Walker
JD Gyms has acquired 50 of the 51 Xercise4Less gyms
Photo: Xercise4Less
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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Jobs   News   Products   Magazine
PRODUCT NEWS
JD Gyms buys 50 Xercise4Less clubs out of administration
29 Jul 2020 . BY Tom Walker
JD Gyms has acquired 50 of the 51 Xercise4Less gyms
Photo: Xercise4Less
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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In April 2020, two-thirds of the world’s gyms went into temporary closure due to COVID-19.
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Carbon Trainer raises the bar in strength training with next-generation AI Fitness Mirror
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Xn Leisure advises on virtual memberships and how operators can move memberships online
According to software solutions provider, Xn Leisure, the uncertainty surrounding COVID-19 has made it more important than ever to pull out all the stops to keep members active and engaged and your profits healthy.
GymPraaktis develops AI Exercise Engine software to revolutionise at-home fitness
Health and wellness software company, GymPraaktis, is launching its new Exercise Engine software for gyms and members looking to improve their fitness routines from home.
Speedflex develops new personalised HIIT programme to support the overweight getting into fitness
As the government announced its new obesity strategy to limit the impact of a potential second wave of COVID-19, HIIT specialists, Speedflex are also doing their bit to help tackle the issue.
Supercharge your efforts to attract and retain members with Keepme
Keepme is an AI revenue acceleration platform created for the fitness industry. Blending Artificial Intelligence, operational tools, and a unique automations engine, Keepme supercharges and streamlines effort to attract, retain, and re-engage members.
Dormy House enhances premium facilities with fully connected fitness suite
Dormy House, a luxurious boutique hotel and spa in the heart of the Cotswolds, has expanded its premium offer with the refurbishment of its two fitness suites, incorporating the latest, fully connected gym equipment from Matrix Fitness.
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TRX Training UK

Whether beginning a fitness journey or pushing towards your summit, TRX Training helps you to move [more...]
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DIARY

 

30 Sep 2020

European Health & Fitness Forum (EHFF)

Exhibition Centre Cologne, Cologne, Germany
01-02 Oct 2020

CCR London

ExCeL London, United Kingdom
+ More diary  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2020

ABOUT LEISURE MEDIA
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PRINT SUBSCRIPTIONS
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