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PureGym goes global and considers IPO after 'rapid recovery'
27 Aug 2021 . BY Tom Walker
PureGym aims to accelerate expansion in 2022 and take the brand global / PureGym
PureGym says it is looking to expand its operations beyond Europe, after experiencing a strong recovery in business performance since reopening its clubs in April 2021.

Reporting its first half results for 2021, the budget fitness operator said the six months to 30 June had been a "game of two halves" with Q1 characterised by losses running at more than £0.5m per day.

This was followed by a "powerful bounce back in performance" once business was restarted.

Membership levels have recovered rapidly and currently stand at 94 per cent of pre-pandemic levels.

This allowed the group to return to profit in May.

PureGym said the recovery has been driven by pent up demand and a "clear, renewed focus on activity, health and wellbeing" – and that the delivery of good results has continued into June and July.

The group has also continued with its expansion plans, opening 15 new gyms in the first half of 2021 – including 13 in the UK.

According to Humphrey Cobbold, memberships in the newly opened gyms are growing faster, on average, than new gyms opened before the pandemic.

The Group now plans to open a further dozen sites in the second half 2021 across the UK.

It is also aiming to accelerate expansion in 2022 – and take the brand global.

The company currently runs 506 clubs in Europe, under the PureGym brand in the UK and Switzerland and the Fitness World brand in Denmark.

Cobbold said: "We believe this is a propitious time to expand particularly in the UK and Switzerland.

"Changing work and leisure patterns against the backdrop of fallout in the retail sector are presenting favourable opportunities for commercial property tenants like PureGym.

“While Europe remains our core-market, we see opportunities to provide affordable fitness further afield.

"We expect that before the end of the year the first four PureGym locations will open in the Middle East in Saudi Arabia.

"This marks the start of our strategic franchise partnership with the Al Hokair Group and later this year or early next three trial sites are expected to open in the USA."

There have also been suggestions that PureGym has retabled plans to go public and list on the London Stock Exchange, as it explores its options for raising capital and ease its debts.

PureGym's net debt currently stands at around £810m.

The company is owned by Leonard Green & Partners, a US-based private equity firm that acquired it in 2017 in a deal worth £600m.

PureGym initially planned an Initial Public Offering (IPO) in 2016, but abandoned the plans due to "weak investor enthusiasm for new listings" in the wake of the Brexit vote.

The company has appointed Morgan Stanley and Barclays as lead advisers for the possible IPO, with RBC, Jefferies and Berenberg lined up as bookrunners.
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Jobs    News   Products   Magazine
PRODUCT NEWS
PureGym goes global and considers IPO after 'rapid recovery'
27 Aug 2021 . BY Tom Walker
PureGym aims to accelerate expansion in 2022 and take the brand global / PureGym
PureGym says it is looking to expand its operations beyond Europe, after experiencing a strong recovery in business performance since reopening its clubs in April 2021.

Reporting its first half results for 2021, the budget fitness operator said the six months to 30 June had been a "game of two halves" with Q1 characterised by losses running at more than £0.5m per day.

This was followed by a "powerful bounce back in performance" once business was restarted.

Membership levels have recovered rapidly and currently stand at 94 per cent of pre-pandemic levels.

This allowed the group to return to profit in May.

PureGym said the recovery has been driven by pent up demand and a "clear, renewed focus on activity, health and wellbeing" – and that the delivery of good results has continued into June and July.

The group has also continued with its expansion plans, opening 15 new gyms in the first half of 2021 – including 13 in the UK.

According to Humphrey Cobbold, memberships in the newly opened gyms are growing faster, on average, than new gyms opened before the pandemic.

The Group now plans to open a further dozen sites in the second half 2021 across the UK.

It is also aiming to accelerate expansion in 2022 – and take the brand global.

The company currently runs 506 clubs in Europe, under the PureGym brand in the UK and Switzerland and the Fitness World brand in Denmark.

Cobbold said: "We believe this is a propitious time to expand particularly in the UK and Switzerland.

"Changing work and leisure patterns against the backdrop of fallout in the retail sector are presenting favourable opportunities for commercial property tenants like PureGym.

“While Europe remains our core-market, we see opportunities to provide affordable fitness further afield.

"We expect that before the end of the year the first four PureGym locations will open in the Middle East in Saudi Arabia.

"This marks the start of our strategic franchise partnership with the Al Hokair Group and later this year or early next three trial sites are expected to open in the USA."

There have also been suggestions that PureGym has retabled plans to go public and list on the London Stock Exchange, as it explores its options for raising capital and ease its debts.

PureGym's net debt currently stands at around £810m.

The company is owned by Leonard Green & Partners, a US-based private equity firm that acquired it in 2017 in a deal worth £600m.

PureGym initially planned an Initial Public Offering (IPO) in 2016, but abandoned the plans due to "weak investor enthusiasm for new listings" in the wake of the Brexit vote.

The company has appointed Morgan Stanley and Barclays as lead advisers for the possible IPO, with RBC, Jefferies and Berenberg lined up as bookrunners.
PRODUCT NEWS
GLL Better UK App passes 1 million downloads
GLL and its app partner Innovatise (myFitApp) have today announced the Better UK App has been downloaded over 1 million times since it was launched in November 2019.
Sporting heroes to officially open £22 million redevelopment at Everyone Active centre
A £22 million redevelopment project will be unveiled at Grange Paddocks Leisure Centre, as part of the official launch of the state-of-the-art centre.
FitnessOnDemand launches new live-streaming feature for all fitness clubs and their members
FitnessOnDemand (FOD) [IHRSA BOOTH 1509] the leader in on-demand content from the world’s most innovative fitness brands and celebrity trainers, this month introduces a new platform evolution for all club operators and their customers.
Founder of dynamic yoga platform launches cinematic wellbeing classes for luxury spas and hotels
Matt Miller, founder of leading yoga training platform Broga has announced the launch of Earth+Sky – a collection of cinematic virtual wellbeing classes filmed in breath-taking locations around the world.
Humanising the member app experience
FunXtion has upgraded its White Label Member App with a raft of new features to support its partners in scaling up and keeping up with rising member expectations.
Are traditional gyms going to war with smart gyms?
CEO of Orbit4, Daniel Jones, says: “There’s no reason traditional gyms and smart gyms can’t live in harmony. With a little reorganisation and education, there’s a really bright future for all gyms.”
Leon Rudge appointed as new Myzone global head of product
Myzone is excited to announce that fitness innovation and technology expert, Leon Rudge, is joining the team as global head of product, in a move set to add over a decade of experience that benefits customers and end users alike.
CryoAction launches electronically-cooled whole body cryotherapy chambers
CryoAction has unveiled a new range of electric cryotherapy chambers with temperatures reaching as low as -140°C.
Shipping gym equipment from Europe to the UK
Despite the Prime Minister’s claims that trade with the EU would be tariff-free post-Brexit, the reality has become very different when importing gym equipment from the EU.
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.
+ More products   
 
COMPANY PROFILES
EMD UK

EMD UK have a range of options for fitness brands, including support in starting up, regular busines [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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CPASE creates unforgettable luxury member experience at new boutique club with Technogym
Technogym has equipped Clare Stobart's new boutique health club – CPASE. Find out more...
+ More videos  

DIRECTORY
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31 Oct - 03 Nov 2021

GSN Buyers Conference - Green Spa Network

Ojai Valley Inn & Spa, Ojai, United States
09 Nov 2021

We Work Well North America

Virtual, United States
+ More diary  
 


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©Cybertrek 2021

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