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PRODUCT NEWS
Pure Gym negotiates additional £150m liquidity
11 Sep 2020 . BY Tom Walker
The budget operator said the additional cash will be used to bolster its balance sheet and to open new gym sites when the right opportunities arise / Pure Gym
This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”
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Jobs    News   Products   Magazine
PRODUCT NEWS
Pure Gym negotiates additional £150m liquidity
11 Sep 2020 . BY Tom Walker
The budget operator said the additional cash will be used to bolster its balance sheet and to open new gym sites when the right opportunities arise / Pure Gym
This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”
PRODUCT NEWS
UK trust members smash ‘Road to Tokyo’ challenge
Members from UK leisure and cultural trusts have stepped up and logged an impressive 21.5million steps in a ‘Road to Tokyo’ challenge, as part of a free initiative from leisure & cultural marketing experts, Bigwave Marketing.
Active IQ Skills Hub helps fitness professionals boost skills in post-Covid market
Suffice to say that the pandemic has completely changed the way fitness professionals work and the way consumers work out – and therein lies opportunity.
Surge integrates Fisikal with HubSpot to drive business efficiencies and grow revenue
As Surge expands its offer with the launch of a third dedicated Electronic Muscle Stimulation (EMS) studio this summer – this time in Fleet Street, London – the brand reflects on the vital role of its estate wide digital ecosystem, created in partnership with Fisikal, designed to drive business efficiencies and commercial success.
Life Fitness hires Matt Smith as new vice president of marketing
In its continued effort to deliver world class exercise experiences to fitness facilities and exercisers worldwide, Life Fitness has hired Matt Smith to the position of Vice President, Marketing.
Technogym awarded “Supplier of the year” at ukactive awards 2021
The best in class of the physical activity sector have been revealed at the ukactive Awards 2021.
Everyone Active helping to supply sports kit to youngsters
Local leisure provider Everyone Active is playing its part in helping get sports kit to youngsters, by supporting local BBC radio stations ‘Make a Difference’ – ‘Kit Out The Nation’ campaign.
Will your business last without digital transformation?
During the pandemic, a digital transformation took off faster than anyone could have predicted with meetings in person cancelled and millions working from home.
Parkwood Leisure launches Promising Athletes Programme to support next generation of sports stars
Parkwood Leisure – one of the UK’s leading leisure operators – is offering free access to its Leisure Centres to support talented athletes with the provision of training facilities.
Uptivo: Individual and group heart rate tracking
Uptivo is an all-in-one digital solution for fitness clubs, fitness boutique studios and personal trainers that provides powerful tools to schedule activities, manage member payments, and monitor heart rate both for remote and on-site classes.
PaviFLEX UK: More than flooring
PaviFLEX UK offers specialised technical support to help you create your gym or training area with a 3D design service to turn your project into reality.
Power Plate teams up with Myzone for a new exercise experience
Power Plate has teamed up with Myzone to provide its community with new class experiences and the opportunity to offer rewards based on effort, every time they move.
EMS personal training: shockingly simple
People's fitness goals are extremely diverse – ranging from an elite athlete focused on the next goal to someone who dislikes all activity due to chronic back pain.
+ More products   
 
COMPANY PROFILES
RISE Fitness Franchise

RISE is a brand-new franchise created to fill an emerging gap. Outdoor workouts have become popular [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

Retrofit London partners with Technogym to create high energy formats
Retrofit London creates personalised experience, premium service and sensational classes in partnership with Technogym Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

15-17 Sep 2021

5th Annual SWAA Conference 2021

Virtual Conference, Kenya
18-19 Sep 2021

World Wellness Weekend

Locations worldwide,
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2021

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