Pure Gym appoints Hawkpoint to review business

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The Independent Online

A chain of low-cost gyms backed by Tom Singh, the founder of fashion retailer New Look, has hired the corporate adviser Hawkpoint to review the business. The move is expected to lead to a sale.

Yorkshire-based Pure Gym recently raised £15m from Barclays to grow the business to 45 sites by the end of this year. This followed a £10m injection in 2010 by the private equity group Magenta Partners, whose main investor is Mr Singh.

Pure Gym, which charges £17.99 a month, is aimed at people who want to stay in shape but avoid the often costly membership fees of rival gym groups. Mr Singh founded New Look 43 years ago.