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Gym Group PLC (The) (GYM)

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Wednesday 07 October, 2020

Gym Group PLC (The)

The Gym Group Extends Pipeline with York Site

RNS Number : 3505B
Gym Group PLC (The)
07 October 2020
 

 

 

The Gym Group extends its 2021 pipeline with site in York

 

 

The Gym Group, the nationwide operator of 183 low cost, no contract gyms, announces today that it has signed a 15-year lease for a new gym in York which will open in Q1 2021.

 

Located on Foss Island Road and next to Halfords, the site was previously a retail warehouse and has been vacant since 2018.  Importantly, it has onsite car parking and fits The Gym Group's strict operational and financial criteria.

 

Once fitted out to The Gym Group's high specification with a 5,000 square foot mezzanine adding to the floorplate of 10,000 square feet, the gym will be a similar size to other sites in The Gym Group's portfolio. Contract free membership is expected to be in the range of £20 per month. It will create 12 jobs following the investment of approximately £1.4m.

 

Oliver Tester, Head of Property acquisition said:

 

"York is a City where we have wanted to operate in for a long time, but until now we have not been able to find the right site in the right location with the appropriate deal.  In agreeing this lease, we have benefited from the rapidly changing dynamics of the retail property market.

 

There remain many other key cities and towns similar to York where we can locate a Gym Group site where landlords can benefit from our strong covenant and our market leading position as the strongest capitalised company in the sector. As we continue to expand we look forward to extending our high quality, affordable experience to thousands of new members at a time when fitness has become ever more important in all our lives."

 

    7 October 2020

Enquiries:

 

Instinctif Partners

 

Matthew Smallwood

020 7457 2005

Justine Warren

020 7457 2010

Jack Devoy

020 7427 1445

 

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