PureGym acquires Soho Gyms

RNS Number : 2288S

Pure Gym Ltd

22 June 2018

 

PureGym acquires Soho Gyms

Combination extends low-cost flexible fitness facilities across London

June 22, 2018, London - PureGym ("PureGym" or "The Company"), the UK's leading gym operator, has completed the acquisition of Soho Gyms and its 10 fitness clubs, all of which are based in prime London locations and are highly complementary to PureGym's existing estate.

PureGym will convert all of the Soho Gyms sites into the PureGym format through a rolling refurbishment programme. Similar to the successful integration of the LA Fitness business, which it acquired in 2015, PureGym will invest in refurbishing the gyms, providing Soho Gyms' existing members with access to first-class facilities and a growing nationwide network of 214 gyms. This transaction will bring the number of sites in PureGym's London estate to 59[1].

Humphrey Cobbold, Chief Executive of PureGym, said:

"We're absolutely delighted to announce the acquisition of Soho Gyms and look forward to welcoming their members to Pure Gym. As the leading gym operator in the country and in the capital, this deal will clearly benefit our existing members as well as provide more affordable and flexible options to people across London. With well over 200 great facilities nationwide, 24 hour opening, monthly memberships offering exceptional value, and no requirement for a 12 month contract we continue to change the game of fitness and activity in the UK and deliver on our commitment to Inspire a Healthier Nation."

Michael Crockett, Managing Director of Soho Gyms, said:

"PureGym offers a highly attractive and flexible proposition and its popularity is evidenced by continued strong growth in both members and sites. This transaction will give users of Soho Gyms access to the largest network of gyms in the UK. I'm confident that our members will benefit from the combination and that PureGym's investment across the estate will further enhance the services our sites deliver."   

PureGym has redefined the industry with its affordable, high-quality and no-contract offering, and the success of this strategy is reflected in the company's continued growth. Launched in November 2009, in February this year, PureGym reached one million members - a milestone never previously achieved by a UK gym group - and in March opened its 200^th site. In addition to the acquisition of Soho Gyms, PureGym plans to open at least 20 gyms a year - extending its position as the UK's leading gym operator. On average PureGym members pay around £20 per month compared to typical average prices in the market of around £40. Members benefit from fully equipped facilities and between 50 and 80 classes per week included in the monthly membership price.

Pending refurbishments Soho Gyms will continue to operate under its current brand. Financial terms of the transaction have not been disclosed.

ENDS

Media Enquiries: Teneo Blue Rubicon - 020 7420 3140 / [e-mail] 

Notes to editors

1.   PureGym is the UK's leading gym operator providing low-cost and high-quality fitness facilities for one million members spread across more than 200 sites. PureGym was launched in 2009 and pioneered the model for affordable, flexible, high-quality fitness clubs in the UK. Members pay monthly and have no contract commitment. Most of its gyms are open 24 hours a day across the UK and offer a full range of top of the line equipment including cardiovascular equipment, fixed-resistance and free weights. Each gym typically offers over 220 pieces of fitness equipment and up to 80 group exercise classes each week delivered by around 2,200 personal trainers. In November 2017, affiliates of Leonard Green & Partners, L.P. acquired a controlling interest in the business. The business has appeared 4 times on the Sunday Times Fast Track Top 100 list, won awards as the overall Fast Track Brand of the Year in 2017 and the Fast Track Outstanding Achievement Award in 2018, and was a winner of the Virgin Media Disruptor Award in 2016.

2.   The company has received a number of awards and accolades over the last year including appearing in the Sunday Times Virgin Fast Track 100 for the fifth consecutive year, The Sunday Times Top 100 companies to work for, and The Sunday Times BDO Profit Track 100.

3.   Soho Gyms has 10 gyms trading in London. It has a strong London brand, established in 1994, and has a reputation for contemporary urban style, a serious fitness-focused offering, high standards of presentation and service excellence.

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[1] Number of PureGym sites within M25

 

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