Sir Stelios launches no-frills gym chain

Serial entrepreneur Sir Stelios Haji-Ioannou today announced plans to expand his empire with the launch of no-frills fitness club chain easyGym.

The easyGroup tycoon has teamed up with private equity-backed Fore Fitness for the start-up, which marks the first new business under the easy brand for four years.

Sir Stelios pledged to shake-up the industry with the launch of easyGym, offering conveniently located facilities at affordable prices.

Membership will cost around £15 a month and users will be able to sign up for monthly only contracts, instead of being tied in for a year.

The first easyGym is expected to open in around six months, with aims to launch across the UK and Europe.

Sir Stelios, who founded easyJet in 1995, said: "As a gym user - admittedly perhaps not as often as I should - I have noticed many inefficiencies in the system and believe there is a simpler and more efficient way to cater for the needs of the consumer."

He said the new venture would take advantage of cheap property prices to expand.

It will also shun luxury offerings, such as swimming pools and saunas, to offer basic gym facilities at cheap prices.

"This is not the first time the idea of a gym chain came up, but the stars are aligned now, because the real estate market is so soft," he added.

Fore Fitness, which is an offshoot of venture capital firm Fore Capital Partners, has arranged a brand licensing deal to use the easyGroup name for the business.

Paul Lorimer-Wing, joint CEO of easyGym, said: "The partnership offers an exciting platform for the business, which is very much in line with our plan to deliver a fun, affordable, fitness and health driven product to consumers who are looking for something fresh and different at a price reflecting great value."