Pure Gym in £3.5m expansion plan

LOW cost gym operator Pure Gym has set out plans for a £3.5m expansion into the South.

The Ripon-based business already has ten sites in the North and is now looking to open six sites in the South including two in London after receiving backing from Barclays Corporate.

Peter Roberts, managing director at Pure Gym, said: “We were delighted to receive the support of Barclays Corporate at a time when the fundraising environment can be challenging for businesses emerging with new concepts and expansive growth plans.

“That and the continuing support of our shareholders is a real endorsement of our excellent business model and strong trading to date. Together they have enabled us to secure our pipeline of gym openings that will take us towards 25 trading gyms by the end of 2011.”

Pure Gym, which launched in Leeds in 2009, now has more than 50,000 members and plans to more than double its number of sites over the next year.

Mike Delay, relationship director at Barclays Corporate said: “It was a straightforward decision to support Pure Gym’s growth aspirations in the UK low cost gym market. 

“We have been very impressed with the Pure Gym brand offering and positioning, its robust operational and financial model, management’s clear understanding of the industry and the originality of the Pure Gym concept.”