Gym operator ready for expansion following investment
A LOW cost gym operator is set to become the fastest growing company in its sector following a successful fundraise led by Magenta Partners, whose principal investor is New Look entrepreneur Tom Singh’s family trusts.
The undisclosed sum will fund Yorkshire-based Pure Gym’s roll-out of 24 new operations in the next two years.
Pure Gym has seen membership grow rapidly at its five sites across the North and the Midlands.
As well as Leeds, it has gyms in Sheffield, Manchester, Edinburgh and Wolverhampton, with Glasgow and Birmingham due to open shortly and a further six sites in the pipeline.
It offers members a monthly membership starting at £9.99 with access to the latest equipment and personal training.
Peter Roberts, chief executive of Pure Gym, said: “We saw a big gap in the market for people that wanted to work out in a no frills environment without sacrificing the quality of the equipment they use. To date our gyms have filled their memberships very successfully and we believe the time is right to roll this out across the UK.”
Pure Gym offer members 24/7 access to the gym with no contract. The gyms are equipped with the latest workout machines and are in high population locations.
Tom Matthews, partner at Magenta Partners, said: “The strength of this concept is clear from the explosive growth the first wave of gyms has achieved. We are backing an experienced and talented management team, with a great product, in the right market.”
Peter Roberts has a wealth of experience in the leisure industry, having started the Langdale Group plc in 1980.
He went on to set up Luminar Leisure in 1989 before launching the Golden Tulip Hotel UK chain in 2002, which was sold to Whitbread plc in 2007.
He is joined by two of his former directors at Golden Tulip and has recently added to the team with experienced operators from the fitness and leisure industry.
Mr Roberts said: “Our biggest challenge is finding sites in good locations that meet our criteria, to date we have successfully leased buildings from major institutional landlords.”
