In good shape: Pure Gym plans 30 new sites
Pure Gym is to more than double its number of outlets in London this year, as the low-cost gym operator seeks to raise funds to drive its rapid expansion across the UK.
The group, backed by New Look founder Sir Tom Singh’s private-equity firm Magenta Partners, this week opened its fifth gym in the capital in Wandsworth. It plans to add five more this year, in Hammersmith, Enfield, Finsbury Park and Balham, and at one other site as part of its plans to open 30 sites in the UK in 2013.
Pure Gym is working with corporate finance advisory firm Hawkpoint to sell a minority stake to fund its expansion. Rival low-cost operator Gym Group, which has 32 sites, has also teamed up with advisers at McQueen about a potential capital-raising.
Founded in 2009, Pure Gym has thrived during the downturn as cash-strapped consumers have flocked to its 43 gyms, which cost just £25.99 a month in London and are open 24 hours a day, seven days a week. It is understood to have delivered underlying profits of about £9 million for the year to February, a sharp rise on the £5.3 million in 2011-12.
Chief executive Peter Roberts said: “We started this business in the recession and we are still in recession. It is very good for the customer because we are providing something they want at a price they can afford.”
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
- 5 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...