Pure Gym gets £15m injection to push roll-out
Pure Gym, the value gyms chain backed by New Look founder Tom Singh, has this month raised funding of £15m to drive its expansion.
Following the securing of an additional loan from Barclays, Pure Gym has confirmed plans to open 14 new sites as it aims to have 45 gyms by the end of this year.
The roll-out follows a £10m investment in 2010 led by the private-equity firm Magenta Partners, whose principal investor is Mr Singh. He founded the fashion chain New Look 43 years ago.
Pure Gym, which charges a monthly fee of just £17.99, has captured the mood of consumers trimming their spend in austerity Britain.
Peter Roberts, the chief executive of Pure Gym, said: "Affordable fitness with no contract and 24-hour use gives our members freedom of choice and accessibility."
Mr Roberts, who remains a significant shareholder, founded Pure Gym in September 2008.
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