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.
Emergency landing at Heathrow sparks further controversy over London airport capacity
Unrest may spread across Europe, warns Red Cross chief
French government seeks to ban extreme right-wing group
BNP and EDL accused of attempt to fuel racial hatred after Woolwich terror attack
You want to get an Eton scholarship? All you need to do is answer four (not so simple) questions
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.