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PureGym describes 'brutal' pandemic year as revenue fell by £177m
21 Apr 2021 . BY Tom Walker
Last week PureGym re-opened 240 gyms in England, including 10 brand new gyms across the country / PureGym
We had to run a business with zero income for extended periods, a previously unthinkable scenario
– Humphrey Cobbold
PureGym saw its group-wide revenue decline by £177m during 2020, as it lost 37 per cent of its trading days due to pandemic lockdowns.

Announcing its full-year results, the budget operator said it had experienced a "brutal year", but that it had emerged a "stronger business" as a result of it.

PureGym started 2020 with 504 clubs across Europe (the UK, Denmark, Switzerland and Poland).

During the year, the group closed its Polish operations – following a strategic review – and ended the year with 492 gyms across its estate.

Last week PureGym re-opened 240 gyms in England, including 10 brand new gyms across the country.

On Monday (19 April) PureGym re-opened its 40 gyms in Switzerland and will re-open in Scotland next week.

The group expects to open its Danish, Welsh and Northern Irish sites in early May.

Figures suggest that the company's measures to keep members engaged during the pandemic – and the subsequent closures – have worked. The company lost just 12 per cent of its members during 2020, with total membership falling from 1.7 million to 1.5 million.

PureGym said it accelerated its digital strategy during the year through an enhanced PureGym app, which enabled contactless entrance and exit, displayed gym capacity and made available more than 400 pre-recorded workouts, classes and nutrition content.

It was also able to maintain its liquidity through a combination of cash management, a £100m equity injection, £50m increase in debt facilities, £40m bond raise (in Feb 2021 post year end) and a long-term covenant waiver.

Describing its performance, Humphrey Cobbold, CEO of The PureGym Group, said: “2020 was a very tough year as the world reacted to the consequences of the Covid-19 pandemic, which has adversely impacted lives and livelihoods.

"Lockdown restrictions prevented us from trading and had a severe impact on our financial performance. But we should be judged on how we managed the things within our control.

"I am in awe of how our teams in the UK, Denmark and Switzerland rallied to preserve the business, protect our colleagues and members and handled adversity with unbowed optimism, stoicism, professionalism and flexibility.

"We had to run a business with zero income for extended periods, a previously unthinkable scenario. We had to make major operational changes in the tightest of time frames and alter our proposition in weeks that would have taken years in normal times.

“While the financial trading performance was, frankly, awful, that was out of our hands.

"Our cost control and cash management was exemplary and the actions we took and support received from governments, equity investors and debt providers gives us significant liquidity to not only survive, but importantly now also resume our strategy.

"We're without doubt a stronger business for having weathered the storm.

"We're particularly pleased to have received an unqualified audit opinion with no material uncertainty over going concern and emerge from this crisis with real optimism and exciting plans for the future.

“We're more than satisfied with the recent re-opening in England which included 10 brand new sites. Member response and new joiners support our view that underlying demand for gyms is strong.

"As health and wellness move further up the public agenda there will be strong demand for affordable, flexible fitness where people can use tens of thousands of pounds of equipment over the course of a workout and increasingly use technology to assist with their fitness goals.

"We want to be Europe’s leading fitness provider and are well placed and capitalised to continue to expand to reach this goal.”
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PRODUCT NEWS
PureGym describes 'brutal' pandemic year as revenue fell by £177m
21 Apr 2021 . BY Tom Walker
Last week PureGym re-opened 240 gyms in England, including 10 brand new gyms across the country / PureGym
We had to run a business with zero income for extended periods, a previously unthinkable scenario
– Humphrey Cobbold
PureGym saw its group-wide revenue decline by £177m during 2020, as it lost 37 per cent of its trading days due to pandemic lockdowns.

Announcing its full-year results, the budget operator said it had experienced a "brutal year", but that it had emerged a "stronger business" as a result of it.

PureGym started 2020 with 504 clubs across Europe (the UK, Denmark, Switzerland and Poland).

During the year, the group closed its Polish operations – following a strategic review – and ended the year with 492 gyms across its estate.

Last week PureGym re-opened 240 gyms in England, including 10 brand new gyms across the country.

On Monday (19 April) PureGym re-opened its 40 gyms in Switzerland and will re-open in Scotland next week.

The group expects to open its Danish, Welsh and Northern Irish sites in early May.

Figures suggest that the company's measures to keep members engaged during the pandemic – and the subsequent closures – have worked. The company lost just 12 per cent of its members during 2020, with total membership falling from 1.7 million to 1.5 million.

PureGym said it accelerated its digital strategy during the year through an enhanced PureGym app, which enabled contactless entrance and exit, displayed gym capacity and made available more than 400 pre-recorded workouts, classes and nutrition content.

It was also able to maintain its liquidity through a combination of cash management, a £100m equity injection, £50m increase in debt facilities, £40m bond raise (in Feb 2021 post year end) and a long-term covenant waiver.

Describing its performance, Humphrey Cobbold, CEO of The PureGym Group, said: “2020 was a very tough year as the world reacted to the consequences of the Covid-19 pandemic, which has adversely impacted lives and livelihoods.

"Lockdown restrictions prevented us from trading and had a severe impact on our financial performance. But we should be judged on how we managed the things within our control.

"I am in awe of how our teams in the UK, Denmark and Switzerland rallied to preserve the business, protect our colleagues and members and handled adversity with unbowed optimism, stoicism, professionalism and flexibility.

"We had to run a business with zero income for extended periods, a previously unthinkable scenario. We had to make major operational changes in the tightest of time frames and alter our proposition in weeks that would have taken years in normal times.

“While the financial trading performance was, frankly, awful, that was out of our hands.

"Our cost control and cash management was exemplary and the actions we took and support received from governments, equity investors and debt providers gives us significant liquidity to not only survive, but importantly now also resume our strategy.

"We're without doubt a stronger business for having weathered the storm.

"We're particularly pleased to have received an unqualified audit opinion with no material uncertainty over going concern and emerge from this crisis with real optimism and exciting plans for the future.

“We're more than satisfied with the recent re-opening in England which included 10 brand new sites. Member response and new joiners support our view that underlying demand for gyms is strong.

"As health and wellness move further up the public agenda there will be strong demand for affordable, flexible fitness where people can use tens of thousands of pounds of equipment over the course of a workout and increasingly use technology to assist with their fitness goals.

"We want to be Europe’s leading fitness provider and are well placed and capitalised to continue to expand to reach this goal.”
PRODUCT NEWS
New consumer expectations demand an exceptional customer experience
fibodo believes that providers who meet consumers needs of service, flexibility, richness of content and accessibility will thrive as we build new and different models of working in leisure, health and fitness and across all sports and activities.
Integrated workout solutions will underpin gyms' recovery, says Les Mills’ Martin Franklin
The UK has spent most of the year in lockdown but finally, clubs are beginning to see their fitness communities open back up, with indoor group exercise not far behind.
Red light therapy improves sleep, aids recovery and enhances focus
Offering red light therapy to your members can create a valuable source of secondary spend, while also supporting them with their recovery and delivering improvements to mobility, circulation and muscle soreness.
Smartech brings the Power Plate experience to Selfridges
Smartech, the destination for innovation in exclusive partnership with the best department stores around the globe, has chosen Power Plate to boost its range of health and fitness products.
Connect for success with Precor
Members are returning post-lockdown expecting a fully integrated service, meaning digital connectivity has never been more important.
Marc Jones joins Fitronics in new head of commercial role
Marc Jones has joined Fitronics, the company behind The Retention People (TRP) and CoursePro, in a newly created role of Head of Commercial.
iFit: your readymade omnichannel fitness solution
With gyms and leisure centres in England reopened, and the rest of the UK due to shortly follow suit, the time for being theoretical is over.
Engaging smart technology helps gyms and fitness professionals get their leading role back
Safety, quality of service, and member engagement are key in order to offer a unique fitness experience that will boost the re-start.
Core Health & Fitness announce partnership with Oss Fitness in Spain
Core Health & Fitness is pleased to announce it’s signed an exclusive agreement with Oss Fitness for the distribution of its brands in the commercial and residential markets across Spain.
Warriors announce new official supplier agreement with Power Plate UK
As an integral part of the first team's training programme, Power Plate is supporting the Worcester Warriors with access to its full range of vibration training equipment, in order to help the club with performance gains, recovery and the rehabilitation of players.
Bounce back faster with a new risk-free joiner channel
The industry is eagerly awaiting the reopening of health clubs and leisure centres in another year affected by COVID-19, where the only thing that’s been certain is uncertainty.
Precor supports Aneurin Leisure Trust in three-site refurbishment
Welsh leisure trust, Aneurin Leisure (ALT), has announced it’s forging ahead with a £600,000 (US$821,000, €696,000) gym refurbishment in all three of its leisure centres.
+ More products   
 
COMPANY PROFILES
Legend Club Management Systems (UK) Ltd

Legend’s ultra-reliable cloud-based management software provides our customers a competitive edge. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

Technogym - Mywellness App 5.0
Mywellness helps you assess customer needs, provide great workouts and programmes, guarantee a training spot on the gym floor, offer group training, track indoor and outdoor workouts - even with 3rd party apps. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

10-14 May 2021

ISPA Stronger Together Summit

Virtual Conference, United States
11-12 May 2021

Healing Summit

The Pine Cliffs Resort, Albufeira, Portugal
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2021

ABOUT LEISURE MEDIA
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