Pure Gym flexes its muscles as revenues reach £125m
BUDGET gym chain Pure Gym, which is expected to announce a floatation this year, had a strong year, with revenues up 82%.
For the year to 31 December 2015, the Leeds-based gym giant made revenues of £125.2m, with underlying EBITDA of £28.0m, up from £19.2m the year before.
Pure Gym continued expansion this year, and acquired LA Fitness, bringing 43 clubs on board as it prepares for an IPO which could value the company at £500m.
Pure Gym is in the process of converting LA Fitness sites as part of a £30m refurbishment programme.
It is expected to announce its intent to float in June, following the appointment of bankers Rothschild.
Since the beginning of 2016, the gym chain has opened 8 new UK sites, opening its 150th branch in Oxford earlier this month. It now has 780,000 members.
Humphrey Cobbold, chief executive, said: “Pure Gym has had an exceptional year in which we have seen a significant increase in membership of all ages, reinforcing the demand for access to affordable, flexible and high-quality gyms across the country.
“The acquisition of LA Fitness, the strengthening of our management team, the investment in re-branding and launching new initiatives has put us on the front foot for another successful year ahead.”
During 2015, the management team at Pure Gym was joined by Dan Glyde as chief technology officer, Stephen Rowe as chief marketing officer, Eve Sukhnandan as HR Director and Francine Davis as director of Strategic and Commercial Development.
Pure Gym also signed a three-year partnership with The Great Run Company, the UK’s biggest mass participation running series.
Pure Gym as a lead sponsor and provider of ‘pop-up gyms’ at running events across the UK including the Great North Run, Great South Run and the Great Manchester Run. In June 2015, Pure Gym entered into partnership with Sir Chris Hoy, Britain’s greatest ever Olympian, who also became an investor in the business.
