PureGym completes fitness club acquisition
Leeds-headquartered PureGym has completed the acquisition of Soho Gyms and its 10 fitness clubs, adding to its growing network of 214 existing sites nationwide.
Soho Gym are based in prime London locations. Similar to the successful integration of the LA Fitness business, which it acquired in 2015, PureGym will invest in refurbishing the gyms. This transaction will bring the number of sites in PureGym’s London estate to 59.
In addition to the acquisition of Soho Gyms, PureGym plans to open at least 20 gyms a year.
Humphrey Cobbold, chief executive of PureGym, said: “We’re absolutely delighted to announce the acquisition of Soho Gyms and look forward to welcoming their members to Pure Gym. As the leading gym operator in the country and in the capital, this deal will clearly benefit our existing members as well as provide more affordable and flexible options to people across London.”
Michael Crockett, managing director of Soho Gyms, said: “This transaction will give users of Soho Gyms access to the largest network of gyms in the UK. I’m confident that our members will benefit from the combination and that PureGym’s investment across the estate will further enhance the services our sites deliver.”
Launched in November 2009, in February this year, PureGym reached one million members – a milestone never previously achieved by a UK gym group – and in March opened its 200th site.
On average PureGym members pay around £20 per month compared to typical average prices in the market of around £40. Members benefit from fully equipped facilities and between 50 and 80 classes per week included in the monthly membership price.
Pending refurbishments Soho Gyms will continue to operate under its current brand. Financial terms of the transaction have not been disclosed.
